The following are the intraday outlooks for EUR/USD, GBP/USD, EUR/JPY, and S&P500 as provided by the technical strategy team at SEB Group.
EUR/USD: The March support line up for grabs. The past week and a half the market has been consolidating in a contracting range, a bear triangle (as it was entered from above). The five wave pattern (a-e) that constitutes a triangle is now about to be completed (best seen in an hourly graph) and as such a downside exit should be expected within shortly. Look for a bounce towards the high 1.11’s to finalize the triangle. Thereafter a drop down to the March support line, the floor of the half-year long bear flag will take place.
GBP/USD: Making way lower. For several days the market has been battling over the 1.5170 support but with yesterday’s bearish key day reversal candle (here seen as a downside continuation pattern) the battle now seems over and bears being victorious. Fresh trend lows should hence follow and there’s unless a small support at 1.5088, not much standing in the way until the 1.4850-area. Should however a reaction higher occur it will most likely be limited to the 1.5250/90 area.
EUR/JPY: Another test lower underway. The rather bearish candle printed yesterday has clearly increased downside pressure and a new attempt below the old 133.10 B-wave low should come as a result of it. For today the current minor bounce should ideally end (or already having ended) at 137.26. A following break below 133.78 will confirm the next step lower.
S&P500: Challenging overhead resistance. A dynamic zone of resistance at 1.936\1,970 looks ripe for a test after some near-term bullish development. In this area, an interesting 1,950 ref is also found, which if broken would be a bullish sign from a wave structure perspective. Midbody support is located at 1,983. Current intraday stretches are however located at 1,875 & 1,924 (with the upper end being a problem to an immediate take-off).
'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%.