The following are the intraday outlooks for EUR/USD, USD/JPY, AUD/NZD, and USD/CAD as provided by the technical strategy team at SEB Group.
EUR/USD: Eyeing the 1.2605 key support. The fallout from what seems to be a bear flag has put the 1.2605 key support up for grabs. A break will confirm an end to the three week long correction and call for a new trend low to be traced out, probably in the 1.22/23-area where we meet the estimated 2010 support line (below 1.2501 will however fulfill the minimum target for a 1.2605 break).
USD/JPY: Rise looks corrective. The move up from the 105.45 key support (prior high point now acting support) looks corrective to us and as such we expect to see renewed selling ahead of the 108-resistance. A following break below 106.25 will thereafter confirm the next step lower in this corrective phase.
AUD/NZD: Inter-range bullish burst. After an inter-range "Double-bottom", its target was this morning exceeded by far. Intraday conditions have as a result become topside overstretched and those should be cooled through an extended consolidation or better correction – to pick up buyers noticing this move and looking for a 1.1290-1.1300 test. Near-term support is located at 1.1085.
USD/CAD: Over 1,1297 would target beyond 1.1385. The backdrop medium-term is undented bullish and in this timeframe perspective trend-following tools are also tilted to the positive side. After a few ebbs and floods yesterday the market settled for a mid-range close, but this did not damage the case for a +1.1385 move, should 1.1297 be violated. Current intraday stretches are located at 1.1200 & 1.1285.
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