The following are the intraday outlooks for EUR/USD, GBP/USD, USD/JPY, and AUD/NZD as provided by the technical strategy team at SEB Group.
EUR/USD: Conditions remain notably stretched. A potentially bullish candle was added yesterday. Short-term conditions remains strained and a correction higher is well needed. If eroding local resistance at 1.2715/25, extension towards 1.2756/65 is the minimum move to look for. Ditch this on return below 1.2678, because it would argues for a fresh low (<1.2664) in the making . Current intraday stretches are located at 1.2630 & 1.2750.
USD/JPY: Still holds above dynamic supports. the 8day ' Tenkan-Sen' currently equals Fri's mid-body point at 109.00 and as long as not breaking closing below it, conditions are right for extension to and above the 110-mark -then with sight set on refs at 110.36 & 110.67. A session close below the average 5day low, now at 108.75 would be another reason to ease up on late longs thus posts a threat to supports in the 108.47/17 area. Current intraday stretches are located at 108.85 & 109.95.
GBP/USD: Under 1.6162 would be bearish anew. The 1.6525 pivot in the form of an unorthodox 233day 'Kijun Sen' remains a short-, medium-term resistance to keep in mind and as long as not breaking back over 1.6416 is thought to mark a correctional high. To confirm this violation below 1.6162 is however needed. Current intraday stretches are located at 1.6175 & 1.6325.
AUD/USD: Time for a correction. Just like the market experienced a couple of days of relief arriving at the 161.8% Fibo we are at least the same now when arriving at an even more stretched area, 261.8%. Also the yearly low point, 0.8660, should provide firm support in the near-term. We are hence looking for a period of congestion and consolidation before breaking 0.8660 which in turns will be an event that sets the 0.80/81 into play.
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