Home Forex Analysis And Forecasts Intraday Outlooks For EUR/USD, EUR/JPY, GBP/USD, Gold - SEB

Intraday Outlooks For EUR/USD, EUR/JPY, GBP/USD, Gold – SEB

The following are the intraday outlooks for EUR/USD, EUR/JPY, GBP/USD, and Spot Gold as provided by the technical strategy team at SEB Group.

EUR/USD: Building downside pressure. With the Aug 28 – Sep 01 advance occurring in a clear three wave pattern (hourly graph) there’s basically only one way the market can go and that is lower. However having met (and slightly overshot) an hourly 161.8% Fibo projection support (1.1222) there might be a small bounce before continuing lower.

EURUSD

EUR/JPY: Soon a new 133.10 test. The inability to hold on to gains above the 55/233d ma bands (and being rejected lower from 55w band) is a strong indication that downside forces again are mounting. Look for a soon continuation lower and a new test of the very important 133.10 key support, the barrier to a drop below the April low. For today offers in the 135.35/55 area will likely cap upside attempts.

EURJPY

GBP/USD: 1.5170 in the cross hair. The break of 1.5330 has set a move in motion that is next seen targeting the rather important support at 1.5170. A move lower is also underpinned by the fact that it now clearly seems (with the lower high in Aug) that we ended the upside correction in June hence the current decline being the resumption of the larger underlying bear trend. A minor bounce towards the mid 1.53’s might however occur before continuing lower.

GBPUSD

Spot Gold: In a correction towards 1,118/10. The “Ichimokus” have influence it seems and help the suggested wave count arguing for a correctional “Wave-C low” somewhere around 1,118/1,110 (but not below 1,105 to hold the wave structure intact). Levels to watch today at 1,127 & 1,118 below and 1,137 & 1,146\48 above.

Spot Gold

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