The following are the intraday outlooks for EUR/USD, EUR/GBP, AUD/USD and Spot Gold as provided by the technical strategy team at SEB Group.
EUR/USD: Bearish end to last week. The sought bid areas(1.1175 & 1.1113) were both passed after the stronger than expected NFP. The decline also made the pair end the week below the weekly mid body point (of the falling benchmark candle a fortnight ago) 1.1233 hence keeping weekly downside pressure intact (a lower high this week and the correction should be completed). In the hourly graph a bearish triangle has been created since the low point Friday afternoon so more selling should be in the pipeline.
EUR/GBP: Lower within the triangle. After having stalled and turned lower at the 78.6% Fibo point the pair on Friday accelerated the decline (that primarily should be targeting 0.7127 (78.6% of the recent advance). Below 0.7253 more supply is expected to hit the market.
AUD/USD: Ready to challenge l/t the trend lines. The pair is now on the verge of breaking below its earlier low area (Mar/May) an event that should set a move in motion that should see the market taking aim at the long term 2001 support line area (around 0.74). Also the potential double top in AUD/NZD is about to take one step closer to a bearish confirmation (BOE AUD index last week also created a bearish key week reversal as a downside continuation pattern).
Spot Gold: Targeting 1,153 next. Buyers responded to weekly losses before the closing bell rang on Fri, but with a medium-term "B-wave low" taken out the downside potential just increased and a short-term "Equality point" at 1.153 acts as primary attraction/resistance to explore. Lower targets at 1,143/38 also exist at least as long as not moving back over 1,204.
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