The following are the intraday outlooks for EUR/USD, USD/JPY, USD/CAD, and AUD/JPY as provided by the technical strategy team at SEB Group.
EUR/USD: In range with a small bullish tilt. A European overnight gap was closed and mid-body support was checked. And then the market closed mid-range yesterday. This leaves us with a cautious near-term upside tilt still lingering and no key data releases for any of currencies in the pair today. Keep an eye on 1.1260, 1.1214 & 1.1202 below and at 1.1380 above.
USD/JPY: In a verbally fueled tailspin. The near-term negative technical picture just got a little help from BoJ officials, thinking loud on how much good more stimulus can do. Loss of supports at 123.75/60 (now resistance by the way) has opened up for further decline to the next support of interest at 122.37/34. A move back over 124.65 is needed to somewhat ease the downside risk.
USD/CAD: Lost the 1.2368 support... And this lowers the bar to the next set of support pockets below in a 1.2240/1.2170-area. Higher oil prices should be of help, but the intraday stretches have been well respected lately and those are currently found at 1.2255 (& 1.2445) and those have to be kept in mid also.
AUD/JPY: Confirming the double top. If a sustained break of 94.27 takes place a double top will be confirmed put in place (ending wave c of the upside correction that begun in February). Such a development will then call for continued losses down to next the 161.8% Fibo projection point at 92.59, the bear flag floor at 91.60 and ultimately breaking the b-wave low (confirming new trend lows) at 90.19.
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 to near 0.6450, shrugs off mixed Australian jobs data
AUD/USD is rebounding to near 0.6450 amid renewed US Dollar weakness in the Asian session on Thursday. The pair reverses mixed Australian employment data-led minor losses, as risk sentiment recovers.
USD/JPY bounces back toward 154.50 amid risk-recovery
USD/JPY bounces back toward 154.50 in Asian trading on Thursday, having tested 154.00 on the latest US Dollar pullback and Japan's FX intervention risks. A recovery in risk appetite is aiding the rebound in the pair.
Gold rebounds on market caution, aims to reach $2,400
Gold price recovers its recent losses, trading around $2,370 per troy ounce during the Asian session on Thursday. The safe-haven yellow metal gains ground as traders exercise caution amidst heightened geopolitical tensions in the Middle East.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network price was not spared from the broader market crash instigated by a weakness in the Bitcoin market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Investors hunkering down
Amidst a relentless cautionary deluge of commentary from global financial leaders gathered at the International Monetary Fund and World Bank Spring meetings in Washington, investors appear to be taking a hiatus after witnessing significant market movements in recent weeks.