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.
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 rises toward 1.0700 after Germany and EU PMI data
EUR/USD gains traction and rises toward 1.0700 in the European session on Monday. HCOB Composite PMI data from Germany and the Eurozone came in better than expected, providing a boost to the Euro. Focus shifts US PMI readings.
GBP/USD regains 1.2350 ahead of UK PMIs
GBP/USD is recovering ground above 1.2350 in the European session, as the US Dollar comes under fresh selling pressure on improving risk sentiment. The further upside in the pair could be capped, as traders await the UK PMI reports for fresh trading impetus.
Gold price flirts with $2,300 amid receding safe-haven demand, reduced Fed rate cut bets
Gold price (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark heading into the European session.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin price.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.