The following are the intraday outlooks for EUR/USD, USD/JPY, AUD/USD, and S&P500, as provided by the technical strategy team at SEB Group.
EUR/USD: Again rejected in the 55d ma band. The up and down move on Friday became the third consecutive rejection from the 55d ma band (since the return below it a month ago). The behavior is showing that bearish forces are at play and increasingly so given the return to a negative slope). We are thus looking for additional selling and a 1.0921 break to further enhance downside potential.
USD/JPY: Soon a new attempt above 124.48. Given the violation of the B-wave high (and a three wave setback from Thursday’s peak) there’s a high probability of a soon more successful break higher (targeting a new trend high). For today we see 124.37 as the trigger point for the next step higher.
AUD/USD: Short term exhausted sellers. The spinning candle (small net move and big spikes to both sides) and the spring bottom are both signs of exhaustive sellers. There’s clearly a potential for the pair to bounce back to retest the 2001 trend line (or even back up to the 0.75- area) during the coming week.
S&P 500: Soon higher again. As long as the recent correction low remains unbroken a positive view should be kept in place (the July candle also developed into a mildly bullish piercing pattern). The entire structure since May can also be seen as an inverted head and shoulders formation, here seen as an upside continuation pattern.
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
EUR/USD clings to small gains above 1.0700 ahead of data
EUR/USD trades marginally higher on the day above 1.0700 on Tuesday after EU inflation data for April came in slightly stronger than expected. Market focus shifts to mid-tier US data ahead of the Fed's policy announcements on Wednesday.
GBP/USD recovers to 1.2550 despite US Dollar strength
GBP/USD is recovering losses to trade near 1.2550 in the European session on Tuesday. The pair rebounds despite a cautious risk tone and broad US Dollar strength. Investors await macroeconomic data releases from the US.
Gold extends daily slide toward $2,310 ahead of US data
Gold stays under bearish pressure and declines toward $2,310 on Tuesday. The benchmark 10-year US Treasury bond yield holds steady at around 4.6% ahead of US data, making it difficult for XAU/USD to stage a rebound.
XRP hovers above $0.51 as Ripple motion to strike new expert materials receives SEC response
Ripple (XRP) trades broadly sideways on Tuesday after closing above $0.51 on Monday as the payment firm’s legal battle against the US Securities and Exchange Commission (SEC) persists.
Eurozone inflation stable as the outlook on prices gets increasingly muddied
Eurozone headline inflation remains stable at 2.4%. With higher energy prices and improving domestic demand, questions about the direction of inflation become louder.