The following are the intraday outlooks for EUR/USD, USD/JPY, GBP/USD and USD/CAD as provided by the technical strategy team at SEB Group.
EUR/USD: Returned into the wedge. The move below 1.2321/16 has put further pressure on the pair hence enhancing the possibility of a new trend low below 1.2247. A marginally new low would, like last time, be accompanied by a bullish divergence so we still doubt that a break lower will be sustained. An alternate scenario is that the market holds above 1.2247 creating a double bottom, creating a foundation for a new upside correction attempt.
USD/JPY: Triangle under construction. The outlined triangle path continues to guide the market higher and we continues to advocate a move up to the mid 120’s before a setback is likely to occur. Once the triangle is completed it should be exited to the upside paving the way for new trend highs (the triangle scenario will remain valid unless falling below the recent correction low, 115.57).
GBP/USD: Another rejection from the low area. The rejection from the former wedge ceiling is encouraging, enhancing the probability that we are in the process of conducting a “kiss and goodbye” bull structure. More bullishness will be added into the equation if/when we find staying power above the mid body point of Wednesday’s falling benchmark candle, 1.5665. It that outcome will play then we should be looking for a continued surge up to the 1.5826-area.
USD/CAD: Trendline should arrest the decline. The move lower looks correctional within an incomplete bullish wave structure. A short-term ascending line of support works as dynamic support together with the positively inclined 8day "Tenkan-Sen" at market. An intraday dip-failure below those would become a buy-signal for extension to and through resistance just over 1.1700 and into Fibo projection objectives at 1.1755\1.1810. Current intraday stretches are located at 1.1530 & 1.1650.
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 remains firmer ahead of RBA interest rate decision
The Australian Dollar continued its winning streak for the fifth consecutive session on Tuesday, driven by a hawkish sentiment surrounding the Reserve Bank of Australia. This positive outlook reinforces the strength of the Aussie Dollar, offering support to the AUD/USD pair.
USD/JPY extends recovery above 154.00, focus on Fedspeak
The USD/JPY pair trades on a stronger note around 154.10 on Tuesday during the Asian trading hours. The recovery of the pair is supported by the modest rebound of US Dollar to 105.10 after bouncing off three-week lows.
Gold price extends its upside as markets react to downbeat jobs data
Gold price extends its recovery on Tuesday. The uptick of the yellow metal is bolstered by the weaker US dollar after recent US Nonfarm Payrolls (NFP) data boosted bets that the Federal Reserve would cut interest rates later this year.
Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global
Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.
RBA expected to leave key interest rate on hold as inflation lingers
Interest rate in Australia will likely stay unchanged at 4.35%. Reserve Bank of Australia Governor Michele Bullock to keep her options open. Australian Dollar bullish case to be supported by a hawkish RBA.