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: Ideal correctional objective at 1.1000. The market still at large respects the low end of the "Cloud" but gains so far looks correctional only (to be confirmed under 10867). A fresh high over 1.0975 should run out of steam at a near-term "Equality point" and the falling 8day 'Tenkan-Sen" at 1.1000. Current intraday stretches are located at 1.0860 & 1.1025.
USD/JPY: Should correct some of the stretch. The market is leveling off from a multi-year high not far from a short-term "Equality point" and from above the 2007 high. Conditions remain extremely stretched and the market is trying to do something about this. There is local support in the 123.60/25-zone, but if taken out (which is likely while holding under 124.10) 122.75 +/-5pips or even 122.50/35 should be targeted. Current intraday stretches are located at 123.20 & 124.45.
AUD/NZD: Time to take her higher again. The incomplete 5-wave sequence strongly argues for a +1.0895 high as are short-term trend-identifiers acting as dynamic support. Price action has now turned the same way and focus should be back on 1.0850 and resistance at 1.0895\1.0920. Current intraday stretches are located at 1.0605 & 1.0765.
EUR/GBP: Sellers should start responding now. Some selling noted at the lower end of the 21day exponentially weighted moving average band (0.7150) and a recent reaction high of 0.7164. The band suggests more dynamic resistance up to 0.7210, which has to be broken to pencil in extension towards the next key ref at 0.7283. Loss of local support at 0.7118/13, would likely cause a few longs to throw in the towel and this would expose 0.7057 and later also 0.7015.
'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
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.