The following are the intraday outlooks for EUR/USD, AUD/USD, and Brent Crude as provided by the technical strategy team at SEB Group.
EUR/USD: Still struggling with the trend line. Only small moves seen yesterday as the market continued to meander around the April trend-line/low end of the 55d ma band. The key question thus remains unanswered; will the support be broken or not? Our guesstimate is that it will but unless breaking below 1.0955 we can’t confirm it.
AUD/USD: Broke below the neckline. The next down-phase has now likely begun given the break below the neckline. The only missing piece of information is a close below the neckline. Once set the pair should be free to continue the descent towards next the 0.7370-area.
BRENT CRUDE: Slipping through support? Unable to lift the risk for a downside break must be considered high (and imminent). Today we are at least initially slipping through the support line and if ending today/week below it more evidence of a bearish outcome will be posted.
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