The following are the intraday outlooks for EUR/USD, USD/JPY, EUR/GBP, and AUD/USD as provided by the technical strategy team at SEB Group.
EUR/USD: Short term unclear. The failed move below 1.1126 (and the created downside spike) keeps the short term wave pattern unclear. As long as 1.1190 remains unbroken there’s still a possibility that an upward correction ended the other day but if making way above the resistance new highs should be penciled in.
USD/JPY: Still below the mid body resistance. With the pair still below the mid body resistance downside risks are increasing. If also today manages to stay below 124.68 then downside risks will be even further enhanced going into next week. A move below 124.07 will likely lead to a loss of the 123.79 key support.
EUR/GBP: Heading next for 0.7176. The ongoing correction has still room to move a bit further north. The primary target for the move is 0.7176 with a possible extension towards the trend line at 0.7200. Once there look for offers to be returning.
AUD/USD: Behaves like its oversold. After the latest rejection from the 2001 trend line the pair fell down but only to a marginally new low. Price action with no follow through selling together with a bullish divergence hints of an overly oversold market and therefore also an increasing reaction risk. Shorts should be very cautious should we break above 0.7440 (if such a move takes place today it will also create a bullish key week reversal).
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