The following are the intraday outlooks for EUR/USD, USD/CAD, USD/JPY, and NZD/USD as provided by the technical strategy team at SEB Group.
EUR/USD: Small rebound likely. The 1.3375-50 target/support attracted some responsive buying yesterday, producing a long downside 'shadow' in the dailies. This point initially higher for the day today, but resistance in the 1.3405-15 has to be violated to show buyers' near-term initiative, and if so only for a possible extension towards the fast falling 8day 'Tenkan-Sen', now at 1.3445. Only bullishly also through this dynamic ref would be reason to lift sight to a prior low at 1.35.
USD/CAD: Steaming towards a key 1.0960 ref. The short-term move higher got legs and after breaking dynamic resistance at 1.0845 yesterday, the high session close points towards a test of a key ref at 1.0960 before long. A short-term 161.8% Fibo projection ref even holds 1.0990 as an upside attraction/resistance. Short-term supports are located at 1.0830 and a 1.0790.
USD/JPY: Upside focus after yesterday's winner. The best single-day winner in months was added yesterday as refs at 1-2.35 & 102.75 were crushed. This move also violated a May-Jul 'Equality point' and a shorter-term 261.8% Fibo projection ref at the 103-level. Mid-body point support should be building fast around previous 102.35 resistance. Levels on top are hard to come by until the Apr4 high of 104.15.
NZD/USD: Rebound towards 0.8560 possible. A small rebound is after all likely now since downside progress was interrupted yesterday. In the near-term, it looks possible to see a correction towards 0.8560 before down again. Dynamic resistance should however effectively hinder any ascent back over 0.8595 and keep a key ref 0.8720 out of harm's way.
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
AUD/USD retargets the 0.6600 barrier and above
AUD/USD extended its positive streak for the sixth session in a row at the beginning of the week, managing to retest the transitory 100-day SMA near 0.6580 on the back of the solid performance of the commodity complex.
EUR/USD keeps the bullish bias above 1.0700
EUR/USD rapidly set aside Friday’s decline and regained strong upside traction in response to the marked retracement in the Greenback following the still-unconfirmed FX intervention by the Japanese MoF.
Gold advances for a third consecutive day
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Bitcoin price dips to $62K range despite growing international BTC validation via spot ETFs
Bitcoin (BTC) price closed down for four weeks in a row, based on the weekly chart, and could be on track for another red candle this week. The last time it did this was in the middle of the bear market when it fell by 42% within a span of nine weeks.
Japan intervention: Will it work?
Dear Japan Intervenes in the Yen for the first time since November 2022 Will it work? Have we seen a top in USDJPY? Let's go through the charts.