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

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

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

EUR/USD: Contesting resistance. A 1.1310-30 test is underway, and if not attracting sellers here, an extension should be expected closer to 1.1370\435.


USD/JPY: Flipping back to “the Dark side” again. As risk aversion is back to the fore, players seek the yen for shelter and local supports in the mid- and low-120s are back under pressure. Below those would start exposing a short-term key ref at 118.25 – under which 116.15 would come back in fashion again. To quickly avoid this, or at least delay it, a move back over 121.42 is needed before long.


EUR/GBP: Looks set to re-test a recent high. The faster 21day exponentially weighted moving average band contradicts the slower 233day band while it’s sharply ascending and is lending short-term support to the pair. A bullish print yesterday indicates that a near-term correction lower is over and that the 233day exponentially weighted moving average band (0.7365\0.7435) within which a recent peak (0.7421) is located.should see more action. Current intraday stretches are located at 0.7250 & 0.7360.


USD/CAD: A bearish key day reversal. A failed attempt higher yesterday not only created a short term double top (with the second one also lower than the first one) but also a bearish key day reversal candle. Underpinned by rising oil the setup clearly points at more selling in the pipeline and we wouldn’t be too surprised to see the pair drop down towards 1.3025or even the 1.28/29- area given the bearish MACD & stochastic divergences.


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