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

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

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

EUR/USD: Aiming to take out the recent high(s). Failure to break below the 1.1205 support (triggering an hourly head and shoulders top) and more importantly a still reluctant Fed pushed prices higher and did so in a way that suggests a soon break above 1.1387 (and also likely above the May top at 1.1468).

EURUSD

USD/JPY: Longs should beware! After five consecutive days spiking above the mid body point of the June 10 falling benchmark candle the pair should be ready to continue lower. Given the rapid buildup of short yen positions (see CoT report) the offering above 123.50 must have been very annoying, not to speak of what a drop down (or even below) 122.04 will be. It is also clearly a bearish sign that down hours are drawing a lot more volumes than up ones. 122.04 will soon be up for grabs.

USDJPY

USD/CAD: Support around 1.22 at stake. Near-term price action has turned bearish again and support around the 1.22-handle is exposed. If nearby support is lost, sights should be lowered to the south side of the "Cloud" (1.2110) or even a short-term "Equality point" at 1.2000. A move over 1.2361\68 is needed to resume the underlying uptrend. Current intraday stretches are located at 1.2170 & 1.2350.

USDCAD

EUR/GBP: About to complete wave D.The drop to 0.7146 is actually enough close to the theoretical target for wave D, 0.7126, to at least consider the possibility of a slightly premature wave D in place. So with our without a dip to 0.7146 a corrective bounce should follow in wave E before we are ready to thrust lower printing fresh trend lows.

EURGBP

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