The following are the intraday outlooks for EUR/USD, EUR/JPY, AUD/USD , and EUR/GBP as provided by the technical strategy team at SEB Group.
EUR/USD: And now? With yesterday’s downside correction out of the way there’s a big question mark over what the next step from here will be. However as long as the hourly pattern with lower highs remains in place (i.e. staying below 1.1278) we will hold a light downside bias.
EUR/JPY: 3RD Attempt to break below 138.44. With a relatively high probability we’re now in for a third attempt to break below the 138.44 support. The key question will of course be whether the break will be sustained or not. A sustained break lower will increase the probability that we prematurely have ended the C-wave (theoretical target = 143.96) and hence the entire correction from the April low.
AUD/USD: Near-term upmove looks correctional. There is a lot of noise (within the noise) in the 2nd push higher from the 0.7600 low. This makes the move looking correctional and not part of a short-term "Double-bottom", so keep attention to what happens if 0.7695 & 0.7640 breaks. Should all this be wrong and the market in fact breaks resistance at 0.7819 on a bullish close, then a shortterm bearish stance have to be reconsidered. Current intraday stretches are located at 0.7665 & 0.7820.
EUR/GBP: Broke and closed below 0.7267. With the latest development, the break and close below 0.7267, we can with a lot higher confidence call for wave C to now have been put in place. More losses are expected near term with focus at the ideal point for wave D, 0.7127.
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