The following are the intraday outlooks for EUR/USD, EUR/JPY, NZD/USD, and USD/CAD as provided by the technical strategy team at SEB Group.
EUR/USD: A completed upside reaction? The move to 1.1423 (marginally exceeding a possible minor correction target, 1.1417) possible completed a minor upside correction. However to confirm that that’s the case we need to return below 1.1224, the barrier to a fresh low.
EUR/JPY: Buckle up! With the past days correction (rechecking the recent break of the former 134.15 key support) yesterday ending with a bearish engulfing candle has put the pair in an awkward position. Breaking below (the first sell signal actually came with the overnight violation, however so far not sustained, of 132.51) 130.16 now risks sending the pair spiraling lower (as earlier elaborated a 134.15 break risks sending the pair deep down into the 120’s).
NZD/USD: Double top confirmed. Underpinned by a tad softer RBNZ the pair has fallen below the confirmation point for a large double top formation. The break is hence an important piece of information guiding the pair lower on a medium term basis with 0.7125 being the next attraction point.
USD/CAD: Expanding gains further. A potentially bearish print (Tue) was more than neutralized yesterday by a high and bullish looking session close. Nearby targets (short-term Fibo projection & long-term 50% retracement) at 1.2575 & 1.2630 are increasingly exposed. Supports are located at 1.2465 & 1.2380. Current intraday stretches are located at 1.2400 & 1.2590.
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