The following are the intraday outlooks for EUR/USD, EUR/JPY, GBP/USD, AUD/USD as provided by the technical strategy team at SEB Group.
EUR/USD: Unexpectedly above 1.1328. The outlined scenario with a downturn around 1.13 was clearly proven wrong as the market pushed prices through the 1.1328 resistance. The break higher indicates that there’s more upside risk developing near term and the September top at 1.1460 could easily come under pressure (an alternate correction target, to the decline from 1.1714, is 1.1477).
EUR/JPY: Went higher than expected. The false upside break that we were looking for didn’t materialize given the close above 135.72. Accordingly some more upside potential has been opened up with the 137.05/55-area being the next potential turnaround area (a return back into the prior flag will also indicate that a top has been put in place).
GBP/USD: Time to head lower, again. The slightly larger than expected upward correction seems to finally have run out of steam and downside forces are hence returning. For today we are looking for a break of 1.5301 (Friday’s low) to trigger more selling and a go at 1.5261 and 1.5212.
AUD/USD: Breaking dynamic resistance. The market is still in a near-term impulsive rally and it looks to become extended notably beyond its 0.7322 "Equality point". The next overhead attraction/resistance is a prior reaction high at 0.7440, accompanied by a short-term 127.2% Fibo extension ref not far below it at 0.7428. Nearby supports comes with Fri’s 0.7300 mid-body point and a previous high at 0.7280. More supports are found in the 0.7175/0.7085-area.
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