Intraday Outlooks For EUR/USD, USD/JPY, USD/CAD, AUD/NZD

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

EUR/USD: A buyers' response, but is it enough? Trend-following tools remain deep in bearish gears, so sell into fading rallies remains a main theme. Conditions are severely stretched and buyers' response (lower shadow within an otherwise bearish candle) at a descending parallel is possibly worth some attention. A weekly mid-body point and 8day 'Tenkan-Sen' provided resistance in the mid-1.27s should buyers show initiatives over 1.2664. Current intraday stretches are located at 1.2570 & 1.2695.

USD/JPY: In a +110 test. Conditions remain stretched in this timeframe perspective, but few cares it seems. Trend-following tools remain in positive gears and a short-term 423.6% Fibo projection at 110.36 and a short-, long-term ref combo at 110.67 could see action too. Nearby supports are located in the 109.46/25-zone. Current intraday stretches are located at 109.20 & 110.30.

USD/CAD: Stretched into nearby resistance. Trend-following tools favors further upside progress, after a short dip, correcting some of the short-term stretch. This should offer better strength to take on resistance at 1.1224/37 and at 1.1256 ahead of the all-important 1.1279 ref. Current intraday stretches are located at 1.1145 & 1.1255.

AUD/NZD: 2nd attempt to re-enter the channel. If managing to return into the 2014 rising channel the question of a potential double top must be raised. However even if it should turn out that it's not a double top a decline to recheck the mid body point of last week's rising benchmark candle, 1.1060, is highly likely.

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