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

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

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

EUR/USD: A bearish triangle. The upside is not in focus right now, but the sub-1.2471 move did not attract much selling either. Could it be a bearish triangle forming?  -We will know in due time. Inter-range levels we care to watch are located at 1.2534 & 1.2567 (nano perspective Fibos above) and 1.2471 & 1.2457 below. Current intraday stretches are located at 1.2430 & 1.2555. Key resistance in the short-term timeframe perspective remains at 1.2605/14.

USD/JPY: The correction lower begins. A short- & long-term Fibo combo at 115.55/60 was shown respect this morning. The notable stretch, according the high running short-term multi-stochastics also helps flushing out late longs we think. Violation below initiated correction closer to key short-term support in the 111.60/110.09-zone. A fresh high, breaking 115.52/59 aborts or at least delays the correction.

AUD/USD: Long-term support attracts bids. The sub-08642 break points lower on a grander scale, no doubt, but long-term Fibos (projection & retracement) attracts bids it seems. Helped by recovering commodity prices (near-term) should guide the aussie higher to recheck old support, now resistance at 0.8642/52, or even yesterday’s mid-body point at 0.8666. More resistance at 0.8730/63 may not be used this time around.

USD/CAD: Wave 3’s top now put in place.  1.1413 was the ideal target for wave w (161.8% of wave 1) and yesterday’s topside failure and low close clearly warns that a short term top has been put in place. If our assumption is right the pair should now primarily fall down to the lower boundary of the rising channel, a point corresponding to the 38.2% Fibo correction target, 1.1213.

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