The following are the intraday outlooks for EUR/USD, EUR/JPY, and CAD/JPY as provided by the technical strategy team at SEB Group.
EUR/USD: In the resistance zone. Friday’s downside attempt only made it down to 1.1324 before returning buyers pushed the price higher again, this time deeper into the resistance zone. We are however holding on to the fact that multiple indicators suggest that a top will be put in place between 1.1416 and 1.1534.
EUR/JPY: Arriving at the resistance zone. After another strong week the cross has arrived at the low end of the 136.68 (Feb high) – 138.67 (Jan falling benchmark mid body res). The resistance zone also contains the 233d ma band. Hourly charts are also already into bearish divergences indicating that any rise from here will be a struggle. A close below 135.65 will be the first more reliable sign that a peak process is ongoing.
CAD/JPY: Three consecutive weekly spikes. For three consecutive weeks the cross has spiked above the upper boundary of the five month old bear flag hence indicating that the buyers now are facing an increasing headwind. Also the bearish divergence warns that the correction rally now seems to be stalling, the prelude to more selling. Given the bullish view that we’ve also painted for USD/CAD (see Fri TA) the CAD seems to be more generally in danger.
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
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.