The following are the intraday outlooks for EUR/USD, USD/JPY, AUD/NZD, and Spot Gold as provided by the technical strategy team at SEB Group.
EUR/USD: Mid-body resistance recheck. The move up neutralized near-term stretched conditions yesterday. The move is primarily seen as a mid-body re-test before down again, but if also scaling 1.2506 this might be an incorrect notion. Current intraday stretches are located at 1.2360 & 1.2485, but already back below 1.2373 would argue for fresh lows. The US GDP & Consumer Confidence releases are main distractions later today.
USD/JPY: Forming a short-term top? Trend-following tools remain in bullish gears, but price action has become dubious. A drop below nearby support at 117.36 would add a set at Fibo extension/projection targets at: 116.95, 116.50, 115.95, not ruling out additional losses below those - then with 115.45 & 114.35 in mind. Bearish case likely to misfire on a move back over 118.59. Current intraday stretches are located at 117.20 & 119.00.
AUD/NZD: Ready to break lower. The ongoing consolidation is now running late and a downside break (not only from the triangle but also through the 233d ma band) should be penciled in for the coming day(s). The internal wave pattern of the triangle is currently being completed (max upside should ideally be 1.1001) so the next step should be a downside turn and a break lower. For those subscribing to the idea should sell between 1.0990/1.1000 with a 1.1020 stop.
Gold: Challenging the 55d ma band. The yellow metal continues to show strength as we are holding to the return above the key support (false downside break on the large scale?). Brief attempts to challenge the 55d ma band has also been seen during the past days and as the rejection has become very small it appears as there's very few sellers around. Accordingly the buyers are expected to soon gain the upper hand pushing prices higher.
'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 dips below 0.6600 following RBA’s decision
The Australian Dollar registered losses of around 0.42% against the US Dollar on Tuesday, following the RBA's monetary policy decision to keep rates unchanged. However, it was perceived as a dovish decision. As Wednesday's Asian session began, the AUD/USD trades near 0.6591.
EUR/USD lacks momentum, churns near 1.0750
EUR/USD cycled familiar levels again on Tuesday, testing the waters near 1.0750 as broader markets look for signals to push in either direction. Risk appetite was crimped on Tuesday after Fedspeak from key US Federal Reserve officials threw caution on hopes for approaching rate cuts from the Fed.
Gold wanes as US Dollar soars, unfazed by lower US yields
Gold price slipped during the North American session, dropping around 0.4% amid a strong US Dollar and falling US Treasury bond yields. A scarce economic docket in the United States would keep investors focused on Federal Reserve officials during the week after last Friday’s US employment report.
Solana FireDancer validator launches documentation website, SOL price holds 23% weekly gains
Solana network has been sensational since the fourth quarter (Q4) of 2023, making headlines with a series of successful meme coin launches that outperformed their peers.
Living vicariously through rate cut expectations
U.S. stock indexes made gains on Tuesday as concerns about an overheating U.S. economy ease, particularly with incoming economic reports showing data surprises at their most negative levels since February of last year.