The following are the intraday outlooks for EUR/USD, USD/JPY, AUD/NZD, and EUR/CHF as provided by the technical strategy team at SEB Group.
EUR/USD: More buying seen above 1.2943. The move higher, and especially so if taking out 1.2943, is questioning the call for a final drop below 1.2834. The potential for a more substantial bounce will sharply be upped above 1.2943 (and also underpinned by the bullish divergence).
USD/JPY: Next target met. Already today the 2002 top line was met and for a short while overrun so it is now to be seen if the spike above the trend line will kick off some profit taking or not. There are still no visible divergences (contrary to most other dollar pairs) which normally are seen as a prelude to corrections/turnarounds. The best fitted short term pattern however suggests a soon return to the 108.40/70-area.
AUD/NZD: An important break lower. Both the break below Tuesday’s low point, 1.1025, and the violation of the 1.1018 equality point does argue for the decline not being a correction but instead the major downturn (resuming the long term down trend targeting 1.03/04) that we have been advocating. The next major obstacle on the way to a new trend low is 1.0925 the Aug reaction low.
EUR/CHF: Targeting 1.2045 again. Sellers back onboard. The low and bearish looking session close yesterday shows inter-range supply hitting the market once again. This makes key short-term support at 1.2054/45 vulnerable for another test after a brief and shallow bounce higher.
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