The following are the intraday outlooks for EUR/USD, USD/JPY, GBP/USD and Oil as provided by the technical strategy team at SEB Group.
EUR/USD: Bids at support in the low 1.10s. The market extended the drop below a near-term “Equality point” at 1.1055 only to get stuck at multiple supports (trendline, “Cloud”, ‘Tenkan-Sen” & Fibo) around 1.1020. For today we are looking for yet another lower near-term high which later should translate into another fresh near-term low (below 1.1016).
USD/JPY: In range with downside bias. The pair has been kept in a very tight range over the past week, but as long as nearby resistance at 124.54\68 remain respected, there is a near-term tilt to the downside. So, if 124,00 supports at 124.10/06 goes there are targets to aim for at 123,60 123.79/71 or possibly even as low as 123.14/01.
GBP/USD: Bearish view turned into a lemon. I was fooled by the Mon “Bearish engulfing candle”, but it seems I wasn’t alone there… Yesterday’s post-CPI rally more than neutralized earlier bearish impressions and turned the table into a near-term bullish case for 1.5770\89 before down(?). The market respected a 1.5720 intraday stretch, but baring a loss of local support at 1.5645. another push higher seems likely. Current intraday stretches are located at 1.5540 & 1.5775.
Brent Crude: Bullish divergence. The “Doji” did not really bite as was suspected, but the descent is slowing and this creates a bullish price/momentum divergence – as should be the case in “wave-5”. A topside ref to keep in mind now comes with the (Fibo-adjusted) short-term “Tenkan-Sen” at 50.00.
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