The following are the intraday outlooks for EUR/USD, USD/JPY, AUD/NZD and Crude Oil as provided by the technical strategy team at SEB Group.
EUR/USD: Sitting on the wedge floor. Despite the move down to a fresh trend low indicators such as MACD and stochastic continues (MACD has repeatedly been doing so since the Oct low point, the end of wave 3) to show a bullish divergence indicating a descent under a slowing momentum. Short term it looks like we’re creating a narrow range on top of the wedge floor so unless moving above 1.2256 the most likely outcome will be another low.
USD/JPY: Capped by the 78.6% Fibo resistance. The fact that we’re repeatedly been capped by the 78.6% Fibo resistance is supportive to t.he view that we probably will be creating a wave four triangle. As such the market should soon turn the corner for a setback ideally targeting the 78.6% Fibo support point (of the latest rise) at 116.68 before turning higher.
AUD/NZD: Final step lower underway. The cross continues to make way lower and we are now getting within striking distance to our primary long term goal, the 1988 floor line at 1.0385. Since mid Dec the market is also moving south in kind of a wedge formation, a common ending pattern so we should certainly have some readiness to cover shorts on a dip below 1.04.
BRENT CRUDE: In the search of a final low. Several interesting signs are now gathering. Firstly we apparently have a bear triangle at hand but as triangles normally occurs as the last congestion before printing a more lasting peak/trough we should stand ready to close shorts at a new trend low. Secondly the above scenario is well underpinned by a possible stochastic divergence and a MACD crossover. So all in all look to buy into a new low (the triangle’s theoretical target is 54.10).
This content has been provided under specific arrangement with eFXnews.
eFXnews is a financial news and information service. Articles and other information distributed in this service and published on this site are provided in general terms and do not take account of or address any individual user's position. To the extent that some of these articles include suggestions as to various possible investment strategies which users might consider, they do so in only general terms without reference to the personal factors which should determine any user's investment decisions to buy or sell a specific security or currency.
The service and the content of this site are provided and distributed on the basis of “AS IS” without warranties of any kind either, express or implied, including without limitations, warranties of title or implied warranties of merchantability or fitness for a particular purpose. eFXnews and its employees, officers, directors, agents, and licensors do not also warrant the accuracy, completeness or timeliness of the information in any of the articles and other information distributed in this service and included on this site, and eFXnews hereby disclaims any such express or implied warranties; and, you hereby acknowledge that use of the service and the content of this site is at you sole risk.
In no event shall eFXnews and its employees, officers, directors, agents, and licensors will be liable to you or any third party or anyone else for any decision made or action taken by you in your reliance on any strategy and/or advice included in any article and other information distributed in this service and published in this site.
Recommended Content
Editors’ Picks
AUD/USD recovers further toward 0.6800 on risk-recovery
AUD/USD extends recovery toward 0.6800 in Asian trading on Thursday, despite mixed Australian employment data. The Aussie cheers a return of risk appetite, which weighs on the post-Fed US Dollar recovery. All eyes now remain on US economic data for fresh impetus.
USD.JPY reverses sharply from 144.00, as US Dollar recovery fizzles
USD/JPY is attacking 143.00 in Thursday's Asian session, reversing sharply from 144.00. The pair pares back gains in tandem with the US Dollar, as the latter's post-Fed recovery falters due to a rebound in risk sentiment. The focus is next on the US data due later today and Friday's BoJ decision.
Gold price regains positive traction amid a modest USD pullback from one-week high
Gold price attracts some dip-buying during the Asian session on Thursday and seems to have stalled its retracement slide from the $2,600 mark, or a fresh all-time peak touched the previous day. The US dollar trims a part of its intraday gains to a one-week high, which turns out to be a key factor lending support to the commodity.
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut
Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.
Australian Unemployment Rate expected to hold steady at 4.2% in August
The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.