The following are the intraday outlooks for EUR/USD, NZD/USD, EUR/GBP and S&P500 as provided by the technical strategy team at SEB Group.
EUR/USD: Ripe for a bounce higher. The short-term wave structure remains bearishly constructive, even when dissected into hourlies it worked well. If trusting this, the market should now be ripe for a correctional bounce higher and then with 1.3491/94 as a first-hand target before down. Nearby levels to watch are located at 1.3449 & 1.3475 while current intraday stretches are located at 1.3415 & 1.3510.
NZD/USD: The kiwi hit the skids after RBNZ. The hike was followed by a 'that's the end of it' type of statement and the kiwi got this on the chin. A bullish monthly benchmark candle mid-body point (0.8626) has been violated and so has a benchmark daily (June 12) candle. A weekly benchmark candle mid-body point is not far off at 0.8573, but a 161.85 Fibo projection ref, the low end of the 'Cloud' and the short-term intraday stretch argues for 0.8624/46 before down (towards next target at 0.8531/26).
EUR/GBP: Rechecks 0.7927/53 before down. The pair is in a slide lower, but the wedge is likely to take its toll (buyers responds to another fresh low yesterday). A correctional target zone is located at 0.7927/07953 and it is likely to be tested before setting fresh lows. Nearby levels to watch are located at 0.7911/13 above and 0.7874 below.
S&P500: Checks support at 1,973 before up. Time is spent over a prior 1,978 high, but when dissecting price action into hourlies, a wedge appears, arguing for a 1,973 check before up. A more aggressive correction would expose 1,599 - a level short--term bulls live better without a test below. Current intraday stretches are located at 1,5965 & 1,994.
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