The following are the intraday outlooks for EUR/USD, AUD/USD, EUR/GBP, and Oil as provided by the technical strategy team at SEB Group.
EUR/USD: Still waiting for the 1.0921 break. Another step lower was taken yesterday but selling didn’t become impulsive enough to take out the 1.0921 support. For today we expect a continued slide and a possible break of the primary support point, the barrier to a move sub 1.0893.
AUD/USD: Spring bottom induced buying. The bullish spring bottom, a clear divergence of lately between the AUD and iron ore prices and today’s decision from RBA to leave rates unchanged are all factors underpinning the upside correction we’ve been warning for. A primary target will be for the pair to recheck the recent break of the 2001 trend line and a secondary target will be the 0.75 area from where the latest round of selling were unleashed.
EUR/GBP: Another low is coming. Given the strong rejections from the bearishly sloped 55d ma band downside forces are still at play. As such we expect prices to fall down to a marginally new low, probably around the 2012/2015 estimated support line, 0.6915.
BRENT CRUDE: Where to pencil in the target? Firstly it was apparently clearly premature yesterday calling for a short pause (before heading lower) as an impulsive decline brought prices sharply lower. Secondly, where should we be looking for a potential more profound rebound? Well the next support of any importance should be an estimated support line from 2009 which currently runs at $46 (followed by the January low at $45.19).
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
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800, as traders lack directional impetus amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.