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: Near-term bullish Triangle. The Oct12-21 contracting range looks like a just broken Triangle, in itself targeting 1.2980 (=an alternative correctional objective area in the dailies). To counter this, it wouldn't be enough to see sellers' initiative below 1.2731/05 but also under 1.2625/05. Current intraday stretches are located at 1.2725 & 1.2855.
USD/JPY: Yesterday's bearish print lower. The high end of the short-term Fibo tweaked 'Ichimoku cloud' (and the 'Kijun-Sen' not far above) was respected resistance yesterday. The bearish print as a result is already having impact and it points further south, so support at 105.45/105.20 is targeted again (once the intraday stretch is cleared). A short-term objective at 104.45. Current intraday stretches are located 106.25 & 107.30.
GBP/USD: Violation of 1.6126 targets 1.6226. The move higher may look near-term wedgy but even though near-term multi-stochastics to run rich; there is no real divergence just yet. Within the near-term price-channel there is room for extension towards the Oct9 high of 1.6226 without stretching it and this is the objective while holding above supports at 1.6080 or at least 1.6030. Current intraday stretches are located at 1.6070 & 1.6235.
AUD/USD: Wave 4 triangle soon completed. The consolidation, the wave 4 triangle on top of the 2014 low point, 0.8660, is running late and if following the textbook the pair should turn down any day now. The current rise in wave E (the last of the sub waves in a triangle) is expected to end before 0.8860 so if subscribing to the bearish wave count one should seek a sell ahead of the resistance with a stop just above it. When the triangle is exited to the downside a theoretical target can be found some 257 points lower, i.e in the 0.84-area.
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