Home Forex Analysis And Forecasts Intraday Outlooks For EUR/USD, EUR/JPY, USD/CAD, Oil - SEB

Intraday Outlooks For EUR/USD, EUR/JPY, USD/CAD, Oil – SEB

The following are the intraday outlooks for EUR/USD, EUR/JPY, USD/CAD, and Brent Crude as provided by the technical strategy team at SEB Group.

EUR/USD: A completed bear flag. Yesterday’s price action indicates that the upward reaction fell short of its ideal target, the equality point between wave a and c, 1.1588. Even though the setup looks promising we must break below the b-wave, 1.1262, low in order to confirm new trend lows. Upside attempts should be capped around 1.1395 and should, if occurring, be used selling into.

EURUSD

EUR/JPY: Here we go again. A common three wave correction most likely ended yesterday hence reaffirming our longer term bearish view. Having cleared some weak shorts the market should now be ready to take the next larger step lower, an event that will be confirmed by breaking the b-wave low, 132.00. Strategy: sell an eventual minor up tick to the high 133’s (offers should be set lower than 133.90) and/or a break of 132.

EURJPY

USD/CAD: Ready to move on to new highs. The strong recovery seen from the high 1.23’s, a wave four bottom of a lesser degree, has likely put us back on track for new trend highs. If our assumption is right the market should soon pass 1.2645 and by doing so adding a lot more confidence that the next step up towards a primary longer term target, 1.3066/1.3426, is underway. CAD/JPY also looking interesting with a soon to come test of the 90.60 key junction.

USDCAD

Brent Crude: Sellers pressure support around $54. The lower end of the (Fibo-adjusted) "Cloud" was resistance enough to curb the vicious correction higher (up some 17% in just three sessions). The notably bearish candle as result shows that sellers have regained control and this puts pressure on dynamic support around the $54-level – below which the $50-level is back in play as well.

Brent Crude

'This content has been provided under specific arrangement with eFXnews'.

More Details

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments