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

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

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

EUR/USD: Still seeking contact with last week's low. A net loser after all data was digested holds the dollar as a favored bet. The market seems to think likewise and last week's low of 1.0819 looks to be visited again. Current intraday stretches are located at 1.0845 & 1.1015.

EURUSD

USD/JPY: Time for a correctional setback? A medium-term 261.8% Fibo projection ref was tested and rejected this morning.The day has already begun, but if bulls fail to reclaim the session highs again today, a bearish print would be added and so at oxygen mask altitude. A shallower setback would only reach 124.35 or possibly 123.85/50 while a deeper correction would include a weekly mid-body test at 122.85. Current intraday stretches are located at 123.95 & 125.25.

USDJPY

AUD/USD: Post-RBA relief rally. The post-RBA rally is on, but it is likely to fade in the first­ hand zone of resistance at 0.7740 where daily & weekly mid-body points come into play to attract fresh offers. If this is wrong and buyers still fancy those levels, +0.78 could be traded before the underlying downtrend resumes. Current intraday stretches are located at 0.7690 & 0.7575.

AUDUSD

GBP/USD: Important support area begins here. We are now entering a very important support zone (2010 trend line at 1.5177, a 161.8% projection point at 1.5106 and the B-wave low (the barrier to a sub 1.4567 move) at 1.5088) so it's certainly time to pay a closer attention to the pair. Initially we are expecting the market to push prices down to or in close proximity to the B-wave low, rebounding small and thereafter breaking lower calling for sub 1.45 levels.

GBPUSD

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