The following are the intraday outlooks for EUR/USD, USD/JPY, AUD/NZD, and EUR/GBP as provided by the technical strategy team at SEB Group.
EUR/USD: Also testing 1.2506/12 before down. A near-term 5-wave sequence has materialized though its 'wave-5 high' is still missing, likely in the 1.2506/12 zone. This move should be followed by a near-term bullish 5-wave sequence unfolds. All wrong if breaking back under 1.2402. Current intraday stretches are located at 1.2400 & 1.2525.
USD/JPY: Near-term downside threat still there. Nothing new from yesterday. A top is possibly forming, which makes a 117.36 watch warranted. A break would bring up a first-hand target grid at; 116.95/116.52/115.95. Well, back over 118.59 would weaken the top-formation scenario and turn the near-term timeframe perspective back in line with trend. Current intraday stretches are located at 117.00 & 118.75.
AUD/NZD: Exited the bear triangle. With the bearish triangle completed a break lower was only a matter of time and yesterday we saw sellers pushing prices sharply lower. On a grander scale the violation of 1.0919 also confirms that a large double/triple top has been put in place hence promoting a continued descent towards the 1.03/04 area. The only remaining obstacles are 1) the 233d ma band and 2) the January support line at 1.0720.
EUR/GBP: Should turn at the mid body point. We're now into the third day after the falling benchmark candle hence a high risk day of ending the upside reaction. Ideally a downturn should take place at/around the mid body resistance, 0.7954. On a grander scale, it looks like the market is tracing out a larger bear triangle and as such we should spend several weeks, if not months in the contracting range (so mid body sellers should take profit no later than 0.7850).
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