The following are the intraday outlooks for EUR/USD, USD/JPY, and AUD/USD as provided by the technical strategy team at SEB Group.
EUR/USD: Bearish case distorted but not derailed. This sharp move higher has not been our (and others' apparently) main scenario. With a notably large bullish candle in the baggage now we have to think about alternatives but the best still would be a failed attempt at/just above the short-term 61.8% Fibo retracement ref and the 161.8% Fibo projection ref at 1.1190\1.1220 and then lower again - or else the market will extend gains towards 1.1330\1.1468. Mid-body support at 1.1040. Current intraday stretches (were ignored yesterday) are located at 1.1190 & 1.1025.
USD/JPY: Contesting support at 123.75/60. The setback started with a bearish candle added yesterday and there could more of that sort, should support at 123.75/60 yield to selling pressure. - If so, 123.25/122.70 should be targeted next. Also below those would lower the bar further to the more important 122.04/98-support. Current intraday stretches are located at 123.55 & 124.75.
AUD/USD: Far bigger reaction than thought. Just when you think you have them right in the corner, they just dodge and slip away...The notably large candle shows both a strong buyers' response and initiative in the same session and this can't just enfolded away. The low end of the "Cloud" (0.7810) is under pressure and if not even stopping there, the high end of the "Cloud" and the 21day "Kijun-Sen" at 0.7880 could be targeted. Those levels also coincide with short-term Fibo retracement refs so they should carry some importance. Mid-body support at 0.7690.
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