The following are the intraday outlooks for EUR/USD, USD/JPY, USD/CAD, and AUD/NZD as provided by the technical strategy team at SEB Group.
EUR/USD: A buyers' response, but is it enough? Trend-following tools remain deep in bearish gears, so sell into fading rallies remains a main theme. Conditions are severely stretched and buyers' response (lower shadow within an otherwise bearish candle) at a descending parallel is possibly worth some attention. A weekly mid-body point and 8day 'Tenkan-Sen' provided resistance in the mid-1.27s should buyers show initiatives over 1.2664. Current intraday stretches are located at 1.2570 & 1.2695.
USD/JPY: In a +110 test. Conditions remain stretched in this timeframe perspective, but few cares it seems. Trend-following tools remain in positive gears and a short-term 423.6% Fibo projection at 110.36 and a short-, long-term ref combo at 110.67 could see action too. Nearby supports are located in the 109.46/25-zone. Current intraday stretches are located at 109.20 & 110.30.
USD/CAD: Stretched into nearby resistance. Trend-following tools favors further upside progress, after a short dip, correcting some of the short-term stretch. This should offer better strength to take on resistance at 1.1224/37 and at 1.1256 ahead of the all-important 1.1279 ref. Current intraday stretches are located at 1.1145 & 1.1255.
AUD/NZD: 2nd attempt to re-enter the channel. If managing to return into the 2014 rising channel the question of a potential double top must be raised. However even if it should turn out that it's not a double top a decline to recheck the mid body point of last week's rising benchmark candle, 1.1060, is highly likely.
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 holds positive ground above 0.6500 on weaker US Dollar
The AUD/USD pair extends recovery around 0.6525 during the early Asian session on Thursday. The Federal Reserve held its interest rates steady at 5.25–5.50% at its meeting on Wednesday, citing a “lack of further progress” in getting inflation back down to its 2% target.
EUR/USD jitters post-Fed with NFP Friday over the horizon
EUR/USD cycled familiar territory on Wednesday after the US Federal Reserve held rates as many investors had expected. However, market participants were hoping for further signs of impending rate cuts from the US central bank.
Gold prices skyrocketed as Powell’s words boosted the yellow metal
Gold prices rallied sharply above the $2,300 milestone on Wednesday after the Federal Reserve kept rates unchanged while announcing that it would diminish the pace of the balance sheet reduction.
Solana price dumps 21% on week as round three of FTX estate sale of SOL commences
Solana price is down almost 5% in the past 24 hours and over 20% in the last seven days. The dump comes as the broader crypto market contracts with Bitcoin price leading the pack as it slides below the $58,000 threshold to test the Bull Market Support Band Indicator.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.