The following are the intraday outlooks for EUR/USD, EUR/JPY, AUD/USD and S&P500 as provided by the technical strategy team at SEB Group.
EUR/USD: Up-before-down. The short-term 127.2% Fibo extension ref (1.3492) was tested and rejected Fri. Last week's candle is a net down week nevertheless, but the long lower shadow points small 'up-before-down'. The key medium-term ref on any serious medium-term investor remains the yearly low at 1.3477. Current intraday stretches are located at 1.3480 & 1.775.
EUR/JPY: Targets 137.50/70 before down. There were bids in the support zone last week price action shows. The high session close Fri towards 137.50/70 as a correctional objective area. When dissecting this into hourly observations it should be noted that a sub-136.77 break would complete a near-term three-wave structure higher and thus indicate that a fresh low in the making. Current intraday stretches are located at 136.60 & 137.555.
AUD/USD: Facing resistance at 0.9420. Support around 0.933 was confirmed again last week. The market closed strongly Fri, which puts some attention back at recent 0.9459 high. But there is resistance around the flat 21day 'Kijun-Sen' (21day high/low average) at 0.9420. If this level holds buyers at bay and there is a later sub-09330 break, a 'Head & Shoulders' looking type of top would be confirmed , which in turn would highlight longer-term important levels close to 0.9200. AUD/NZD also face tougher resistance at 1.0840.
S&P500: Positively U-turned. Sounding the alarm bell is crying wolf. The very negative print Thu was fully negated Fri. Geopoliticals only bite near-term but isn't enough to scare off investors easily. The 21day 2std dev band seems to define the tradable area and allows for 1,992 if/when 1,978 is taken out.
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