The following are the intraday outlooks for EUR/USD, USD/JPY, AUD/USD, and USD/CAD as provided by the technical strategy team at SEB Group.
EUR/USD: Clear-cut bearish weekly print! A solidly bearish print last week strongly suggests that a Mar-May correction higher has peaked.The USD/JPY: Targeting 122.04 next. A solidly bullish weekly print was added last week and the market has started off on the same footing today in Asia. This puts the Mar high of 122.04 in an exposed position and until proven wrong,that's where the aim should be. Strong support is defined in the mid-120s. Current intraday stretches are located at 120.85 & 122.10.
USD/JPY: Targeting 122.04 next. A solidly bullish weekly print was added last week and the market has started off on the same footing today in Asia. This puts the Mar high of 122.04 in an exposed position and until proven wrong,that's where the aim should be. Strong support is defined in the mid-120s. Current intraday stretches are located at 120.85 & 122.10.
AUD/USD: Threatening support. The decline off the monthly high is still on and is now threatening thinned "Cloud" support not far below and a 0.7787 ref. Below those would shift target to a late Apr reaction low of 0.7683. Fri's high equals the bearish benchmark candle mid-body point and this posts resistance at 0.7930. Current intraday stretches are located at 0.7775 & 0.7895.
USD/CAD: Soon higher again. The minor congestion ended Friday and the pair took another impulsive step higher, reaching and for a short while violating the 1.2305 resistance. A small wave four triangle has since Friday's peak developed in the hourly chart so there's a high probability move higher left before the current phase (which after a correction will be followed by several other upward phases) is completed in the upper half of the l.23's.
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