The following are the intraday outlooks for USD Index, EUR/USD, AUD/NZD, USD/CAD, and spot Gold as provided by the technical strategy team at SEB Group.

USD INDEX: Overly stretched. Even though the longer term trend without question is positive there are several short term warning signs of an “overstretched” climb. First of all we are outside the 55d Bollinger bands (bullishly sloped) and secondly there’s a bearish pre-divergence (which will underpin any downside attempt). All in all we wouldn’t be too surprised to see a 81.26/19 setback before resuming the bull trend. 

USD Index

EUR/USD: Responsive buying. After initially dropping down to 1.3242 the sellers run out of steam and was soon, as warned of, replaced by short covering. It is of course too early to call for a more profound upside reaction (1.3430/40) to have started but there are multiple signs gathering that we are close to such a development (post triangle low, pre-divergence, support cluster and more). Above 1.3295 will add credibility to a developing correction case, below 1.3256 = a new low before a new correction attempt unfolds.

EURUSD

AUD/NZD: Building a top. Both the large bear flag formation, the flag ceiling and the fact that the latest consolidation was a triangle speaks in favor of a down turn. Yesterday’s price action was the first sign that a turnaround now seems to be underway. For today we recommend joining in on a break below 1.1066.

AUDNZD

USD/CAD: Lower levels likely before up again. The prior high was yesterday taken out with the smallest of margins before sellers took control. This has added a potentially bearish candle pointing lower first thing. A recent bullish benchmark candle mid-body point at 1.0915 is one objective, but if not stopping there the ascending 55day exponentially weighted moving average band, now starting at 1.0880 could be what’s needed to lure buyers back to market.

USDCAD

Spot Gold: Find buyers here or drop to 1,260. The downmove is getting legs. Yesterday's bearish looking candle broke support at 1,280. It must be contested and reversed now to avoid extension down to the next set of refs acting as attraction/support in the 1,263-1,259 zone. To regain some upside traction resistance pockets at 1,292 & 1,304 must be reclaimed before long. The short-term bullish key ref to capture is located at 1,325.

Spot Gold

'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


Recommended Content

Editors’ Picks

USD/JPY drops toward 142.00 ahead of BoJ policy decision

USD/JPY drops toward 142.00 ahead of BoJ policy decision

USD/JPY has turned south, approaching 142.00 in the Asian session on Friday. Markets turn risk-averse and flock to the safety in the Japanese Yen while the Fed-BoJ policy divergence and hot Japan's CPI data also support the Yen ahead of the BoJ policy verdict. 

USD/JPY News
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed. 

AUD/USD News
Gold price treads water below record peak, awaits Fedspeak

Gold price treads water below record peak, awaits Fedspeak

Gold price hovers below the all-time peak touched earlier this week amid a bearish US Dollar and rising bets for more upcoming rate cuts by the Fed. Concerns over an economic downturn in China keep the safe-haven Gold price afloat. Fedspeak remains on tap. 

Gold News
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD (RUSD) stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures