The following are the intraday outlooks for EUR/USD, USD/CAD, USD/JPY, and NZD/USD as provided by the technical strategy team at SEB Group.
EUR/USD: Small rebound likely. The 1.3375-50 target/support attracted some responsive buying yesterday, producing a long downside 'shadow' in the dailies. This point initially higher for the day today, but resistance in the 1.3405-15 has to be violated to show buyers' near-term initiative, and if so only for a possible extension towards the fast falling 8day 'Tenkan-Sen', now at 1.3445. Only bullishly also through this dynamic ref would be reason to lift sight to a prior low at 1.35.
USD/CAD: Steaming towards a key 1.0960 ref. The short-term move higher got legs and after breaking dynamic resistance at 1.0845 yesterday, the high session close points towards a test of a key ref at 1.0960 before long. A short-term 161.8% Fibo projection ref even holds 1.0990 as an upside attraction/resistance. Short-term supports are located at 1.0830 and a 1.0790.
USD/JPY: Upside focus after yesterday's winner. The best single-day winner in months was added yesterday as refs at 1-2.35 & 102.75 were crushed. This move also violated a May-Jul 'Equality point' and a shorter-term 261.8% Fibo projection ref at the 103-level. Mid-body point support should be building fast around previous 102.35 resistance. Levels on top are hard to come by until the Apr4 high of 104.15.
NZD/USD: Rebound towards 0.8560 possible. A small rebound is after all likely now since downside progress was interrupted yesterday. In the near-term, it looks possible to see a correction towards 0.8560 before down again. Dynamic resistance should however effectively hinder any ascent back over 0.8595 and keep a key ref 0.8720 out of harm's way.
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