The following are the intraday outlooks for EUR/USD, USD/JPY, AUD/USD, and Brent Crude as provided by the technical strategy team at SEB Group.
EUR/USD: In range with downside bias. The 1.1160-1.1246 box remains in place. Backdrop tools remain in keeps disfavoring the euro and thus a lower break is more likely once it happens than a move a back up through resistance (1.1246/1.1288). Current intraday stretches are located at 1.1135 & 1.1250.
USD/JPY: Sellers above 120. The bold move over a prior 119.84 high risks being negated today. So far the daily print looks bearish, but there is plenty of time for closing the bell to ring. But should local support at 119.54/50 not attract meaningful buying, the risk increases for a bearish print to be added toady and this would once more expose the key short-term 118.62/11 support zone. Key resistance above is located at 120.48/82 and the current intraday stretches are located at 119.30 & 120.50.
AUD/USD: Rechecking the downside break? Short covering after the RBA left rates on hold has pushed prices up in close proximity to the short term important 0.7850 resistance. A break above this point will confirm that the past days selling (that didn't reach a new low) was merely a downside correction hence more upside potential should be penciled in near term. Potential targets for this correction are 0.7925 (an equality point) and 0.8040/66 (a Fibo projection point and the former key support that gave way early this year).
Brent Crude: Double top? With the black gold rejected from the secondary (primary was the 55d ma band) correction target range (apex point of the triangle - top of the triangle) the question must be raised of whether we now have a double top in place or not? A move below 57.80 will confirm the double top and hence the resumption of the still underlying bear trend.
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