The following are the intraday outlooks for EUR/USD, USD/JPY, and AUD/NZD as provided by the technical strategy team at SEB Group.
EUR/USD: Establishing a 1.1050/1.1000 support. A decent net winner was added yesterday. The session close off the highs shows that it is two-way traffic going through but now there is a 1.1050/00 support building-up and extension higher to test the high end of the "Cloud" now at 1.1180 is a possibility. More important resistance comes with a Jul10 reaction high of 1.1216. Current intraday stretches are located at 1.0995 & 1.1160.
USD/JPY: Strong buyer's response? The drop below 123.28 rendered a lesser extension than thought as it got stuck already at the first support after. Today's reaction higher is also bigger than ideally wished for (to maintain faith in the short-term "Round-top" formation). Extension through local resistance at 123.60/65 would lift the bar to 123.85 – over which the key 124.19 would come back into sight again.
AUD/NZD: Extending losses. Neither the previous 1.1020 low nor the 1.0970 "Equality point" has stopped the bleeding. A low session close again today would lower standards to include extension towards a short-term 127.2% Fibo extension ref at 1.0855. Dynamic resistance is centered on 1.1165\90. Current intraday stretches are located at 1.0915 & 1.1085.
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