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

Intraday Outlooks For EUR/USD, USD/JPY, AUD/NZD, EUR/GBP – SEB

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

EUR/USD: Ideal correctional objective at 1.1000. The market still at large respects the low end of the "Cloud" but gains so far looks correctional only (to be confirmed under 10867). A fresh high over 1.0975 should run out of steam at a near-term "Equality point" and the falling 8day 'Tenkan-Sen" at 1.1000. Current intraday stretches are located at 1.0860 & 1.1025.


USD/JPY: Should correct some of the stretch. The market is leveling off from a multi-year high not far from a short-term "Equality point" and from above the 2007 high. Conditions remain extremely stretched and the market is trying to do something about this. There is local support in the 123.60/25-zone, but if taken out (which is likely while holding under 124.10) 122.75 +/-5pips or even 122.50/35 should be targeted. Current intraday stretches are located at 123.20 & 124.45.


AUD/NZD: Time to take her higher again. The incomplete 5-wave sequence strongly argues for a +1.0895 high as are short-term trend-identifiers acting as dynamic support. Price action has now turned the same way and focus should be back on 1.0850 and resistance at 1.0895\1.0920. Current intraday stretches are located at 1.0605 & 1.0765.


EUR/GBP: Sellers should start responding now. Some selling noted at the lower end of the 21day exponentially weighted moving average band (0.7150) and a recent reaction high of 0.7164. The band suggests more dynamic resistance up to 0.7210, which has to be broken to pencil in extension towards the next key ref at 0.7283. Loss of local support at 0.7118/13, would likely cause a few longs to throw in the towel and this would expose 0.7057 and later also 0.7015.


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