The following are the intraday outlooks for EUR/USD, USD/JPY, USD/CAD, and SP500 as provided by the technical strategy team at SEB Group.
EUR/USD: Respecting dynamic support. The market showed a cautious calm yet still with a nerve yesterday with decent two way traffic. In the near-term, the upside risk prevails at least as long as the short-term (Fibo adjusted) “Tenkan-Sen” & “Kijun-Sen” lines (1.1365 & 1.1285) stay unbroken.
USD/JPY: Sellers at resistance. The rebound is meeting offers at the 120.50+/-25 pips resistance. But there is also buying going on in the mid- 188s/high-117s. The next move will materialize when one of the sides is done and retreat from the trenches. Current intraday stretches are located at 118.40 & 120.80 (if they count at all in such fragile markets).
USD/CAD: Homing in on long-term objectives. Short-term trend-identifiers (1.3190 & 1.3105) keep pointing higher and buyers take advantage of near-term dips into those. A short-term 161.8% Fibo projection ref is more or less the last ditch resistance before climbing into long-term Fibo objectives at 1.3415\70. Current intraday stretches are located at 1.3200 & 1.3400.
S&P500: Could test the 1,943\70 resistance. A nervous wobbly market, but it looks near-term tilted towards another test of resistance at 1,943\70 – at least as long as holding over 1.862. But a loss of this level would unsettle investors again and bring 1,831/17 into focus instead.
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