The following are the intraday outlooks for EUR/USD, EUR/JPY, and AUD/USD as provided by the technical strategy team at SEB Group.
EUR/USD: On the lookout for bearish hints. Price action is still counter-trend bullish but the pair has entered a favored short-term selling zone, so for players in bearish outfits - tie your shoe laces and get ready to go back out there on a first near-term bearish sign. Current intraday stretches are located at 1.0870 & 1.1035.
EUR/JPY: Strong resistance zone just entered. Near-term price action is still bullish but the market has entered a heavy resistance zone (130.35\13167) and this should get bears down in the starting blocks ready to act on early bearish hints so if you belong to that camp - get ready!
AUD/USD: Went vertical on Iron Ore & weak USD. Iron ore (an important Australian export resource) has gained some 18% priced in AUD (+23% in USD) since early Apr. At the same the U.S. dollar has been on the back foot against most currencies and AUD is far from any exception to this. We at least expected some intraday two-way traffic around 0.7940 before extension higher yesterday but this was quickly concluded with bulls retaining the upper hand. Bids are now likely around 0.7940 while some offers should surface in the 0.8026\0.8092-zone.
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