The following are the intraday outlooks for EUR/USD, EUR/JPY, EUR/GBP, and AUD/NZD as provided by the technical strategy team at SEB Group.
EUR/USD: Testing a long-term 'Equality point'. The correctional rally will likely be sold. The Greek election kicked the euro into a marginally fresh low where a long-term (2011-2014) 'Equality point' likely inspired some buying - no wonder with short-term conditions are stretched as they currently are. But it's less likely that this is enough to scale down further expanded spec shorts (IMM). The near-term rebound faces daily & weekly mid-body points at 1.1285 & 1.1370.
EUR/JPY: Could recheck the mid/high 133s. Too low too fast? - Possibly... The move above local resistance at 132.95 could trigger some light profit-taking and thus set in motion a short-lived reaction to test offers at resistance (133.40/134.15) before selling resumes. Current intraday stretches are located at 130.50 & 133.20.
EUR/GBP: Some support at a L/T trendline. A descending 2010-2012 trendline ought to inspire some profit-taking when conditions are so short-term stretches as they currently are. But the bounce may become both short & shallow with daily and weekly mid-body points at 0.7525/55 providing presumed resistance.
AUD/NZD: Buyers respond to healthy correction. A short-term 'Equality point', long-term trendline recheck and the bearishly tilted short-term 'Cloud' triggered an earlier correction lower which seems to be fading at a short-term 50% retracmnet ref and the Fibo-adjusted 'Tenkan-Sen' in the mid-1.05s. Buyers' initiative over Fri's 1.0660 mid-body point would once again expose the 1.0760 ref. Additional supports are located at 1.0510 & 1.0465.
'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 tests lows near 0.6550 after dismal Aussie Retail Sales, mixed China's PMIs
AUD/USD is testing lows near 0.6550 after Australian Retail Sales dropped by 0.4% in March while China's NBS April PMI data came in mixed. Upbeat China's Caixin Manufacturing PMI data fails to lift the Aussie Dollar amid a softer risk tone and the US Dollar rebound.
USD/JPY rebounds to 157.00 after Monday's suspected intervention-led crash
USD/JPY is trading close to 157.00, staging a solid rebound in the Asian session on Tuesday. The pair reverses a part of heavy losses incurred on Monday after the Japanese Yen rallied hard on probable FX market intervention by Japan's authorities. Poor Japan's jobs and Retail Sales data weigh on the Yen.
Gold prices soften as traders gear up for Fed monetary policy decision
Gold price snaps two days of gains, yet it remains within familiar levels, with traders bracing for the US Fed's monetary policy decision on May 1. The XAU/USD retreats below the daily open and trades at $2,334, down 0.11%, courtesy of an improvement in risk appetite.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Relief wave on altcoins likely as BTC shows a $5,000 range
Bitcoin price has recorded lower highs over the past seven days, with a similar outlook witnessed among altcoins. Meanwhile, while altcoins display a rather disturbing outlook amid a broader market bleed, there could be some relief soon as fundamentals show.
Gearing up for a busy week: It typically doesn’t get any bigger than this
Attention this week is fixated on the Federal Reserve's policy announcement scheduled for Wednesday. While the US central bank is widely expected to remain on hold, traders will be eager to discern any signals from the Fed regarding the possibility of future interest-rate cuts.