Intraday Outlooks For EUR/USD, GBP/USD, USD/JPY, AUD/USD

The following are the intraday outlooks for EUR/USD, GBP/USD, USD/JPY, and AUD/USD as provided by the technical strategy team at SEB Group.

EUR/USD: Wedge calls for more meandering. The falling wedge, a common terminating pattern, calls for more ups and downs in order to be completed. The best suited pattern is a rise to the upper boundary, 1.0677, followed by a new (and this time a bit more lasting) low in the low 1.05’s (possible a swift dip into the 1.04’s) before a more profound correction (to ideally 1.0830) will begin.

GBP/USD: Bear triangle ready to go. The past days has formed a bear triangle, a downside continuation pattern so within a day or two the pair should be heading south again challenging (and passing) the previous low point at 1.5027. The triangle indicates a next target at 1.4983 and thereafter another corrective bounce. Longer term, given the earlier painted bearish waves setup, we are looking for the pair to post substantial losses.

USD/JPY: Lower before higher. The correction from the recent peak is probably not yet completed. There’s two possible correction target to focus at, the 122.23-122.11 area and if passed the 121.40-area (the ideal target for an hourly head and shoulders top).

AUD/USD: Bullish sentiment cooling? The potentially bearish candle on Wed was followed up by a net loser yesterday and this could be signs of near-term bullishness starting to cool off. This argues for bears (or bulls also for that matter) to keep a close eye on supports spread out in the 0.7185/0.7130-zone and further down at the potential "B-wave low" at 0.7069. Comfortably through resistance at 0.7297\03 would instead turn focus to the mid-Oct high of 0.7382.

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