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: Still respecting resistance. It's not a one way ticket - as it should be during corrections. A bearish candle was added yesterday, but also under 1.2398/94 is needed to conclude that a correctional high is in place. Until then the wider 1.2580/1.2640 zone continues to act as nearby attraction/resistance, possibly to be tested. Current intraday stretches are located at 1.2410 & 1.2535.
USD/JPY: Buyers keep responding to dips. The attempt below the 'Wedge' misfired yesterday as buyers responded at the still ascending 8day 'Tenkan-Sen' (115.45). Should the market re-accelerate from here, there is nothing nearby to offer resistance but a couple of long-term Fibos at 119.35/65. But conditions are stretched and a similar sellers' response ought to materialize to fresh highs (>117.06). Current intraday stretches are located at 115.60 & 117.35.
USD/CAD: Drifting correctively lower. After wave 3 met its ideal target at 1.1413 the market has turned lower and is now in the process of correcting the prior rise. Potential targets are 1.1235 (channel floor), 1.213 (38.2 of wave 3) and 1.1136/22 (50% of wave 3 and the previous reaction low). So look for more weakness near term but also an upcoming buying opportunity (for the rise in wave 5). Only a dip below 1.0985, wave 1's peak, will question the above scenario.
AUD/NZD: Down at next support. The October low point has so far been marginally violated so there's reason to call for the pattern for rising lows to have been broken hence putting another piece in place in the bearish jigsaw. Short term we might find a few bids at 1.0967 but the underlying bearish wave pattern won't allow for much of a bounce before continuing down to 1.0835, the 161.8% projection point for wave 3 (a small congestion should follow before continuing south).
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