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

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

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

EUR/USD: Still respecting dynamic support. The high end of the (bullishly tilted) short-term "Cloud" (1.1175) remains an obstacle for bears – standing in the way for a move down to the 1.1049/36 pivot area. While nearby nitty-gritty discrepancies in range are sorted out the intraday stretches are located at 1.1150 & 1.1375.  

USD/JPY: There is scope for 124.75 before down. The downside risk still lingers, but if making way through local resistance at 123.82, there is scope for a near-term rebound towards 124.63\84 before another downside attempt is made. The near-term bullish possibility would evaporate with a move back under 123.10. Current intraday stretches are located at 122.55 & 124.40. 

GBP/USD: Bulls face resistance over 1.5630. The grind higher is still on and the high end of the short­ term "Cloud" provides dynamic support, but bulls face decent resistance in the 1.5630\700 zone. A bearish looking session close under the average 5day low (1.5465) and or break below the 1.5441/21pivot would likely be enough for bulls to reconsider. Current intraday stretches are located at 1.5465 & 1.5700.

AUD/USD: Seeking a selling opportunity. The current correction/consolidation/right hand shoulder probably has some room left to rise before turning the corner for the next declining phase. We are seeking a move just a few points above the early June peak, 0.7819, in order to complete a common three wave a-b-c upward correction. Once completed the pair is seen breaking 0.7598 for considerably lower levels.

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