The following are the intraday outlooks for USD Index (DXY), EUR/USD, EUR/JPY, EUR/CHF and Spot Gold as provided by the technical strategy team at SEB Group.

USD INDEX: Building upside pressure. With the move up from the bull flag (a break will in wave terms however not be confirmed until the b-wave high, 86.01, is taken out) it appears that the downside correction has been somewhat prematurely ended (84.20-83.89 were the thought target range). So keep monitoring 86.01 as a break will be giving the green light to a continued rise and accordingly new tops (88-ish?). An alternate wave count holds the door open to a bull triangle i.e. more time spent in the past weeks range before breaking higher.

USD Index

EUR/USD: Temporary bounce from support. The pair initially fell down between the 1.2625 and 1.2605 support points before rebounding back higher in what we label as a temporary bounce. The congestion will either take the shape of a minor (hourly) triangle (remaining below 1.2677) or, if 1.2677 is broken creating a bear flag. The latter alternative will bring the pair up to 1.2693 before entering the next selling phase.

EURUSD

EUR/JPY: A 2ND corrective move higher. Yesterday’s bullish key day reversal strongly suggests that the upside reaction wasn’t over, not at all. A prolonged reaction will next take aim at the 2013 top line area and/or an equality point (to the Oct 16-20 rise) at 138.07 before making a new attempt to move south of 134 (a move below 135.21 will now be the confirmation point for new lows). Also USD/JPY, contrary to our expressed view of a turnaround no later than 108.01, will remain underpinned for yet some time.

EURJPY

EUR/CHF: Forming repetitive sub-1.2060 lows. On a few recent occasions, the sub-1.2060 level has attracted buyers and the prelude to earlier upswings look rather similar to what we see right now, so focus on refs at 1.2079 & 1.2092 is definitely justified for short-term traders.

EURCHF

Spot Gold: In a correctional move into Fibo grid. A potentially toppish candle earlier in the week has been followed by two consecutive bearish candles and it seems a third is in the making, targeting a Fibo retracement grid at 1,228/1,219/1,211. Back over 1,241\1,245 would confirm a near-term correctional low and argue for a +1,255 move.

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

AUD/USD holds above 0.6500 in thin trading

AUD/USD holds above 0.6500 in thin trading

The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.

AUD/USD News

EUR/USD comfortable below 1.0800 lower lows at sight

EUR/USD comfortable below 1.0800 lower lows at sight

The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.

EUR/USD News

Gold pulls away from daily highs, holds above $2,200

Gold pulls away from daily highs, holds above $2,200

Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.

Gold News

Google starts indexing Bitcoin addresses

Google starts indexing Bitcoin addresses

Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.

Read more

A Hollywood ending for fourth quarter GDP

A Hollywood ending for fourth quarter GDP

The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.

Read more

Majors

Cryptocurrencies

Signatures