The following are the intraday outlooks for EUR/USD, USD/JPY, AUD/NZD, and S&P500 as provided by the technical strategy team at SEB Group.
EUR/USD: Looking for a downside exit. The final bounce (wave-e if looking into an hourly graph) went a few points higher (1.1209) than the outlined 1.1186 – 94 before stalling. With the five sub-waves (a-e) now likely in place (an alternative is a continued bounce to the upper boundary, 1.1260, before peaking) downside risks are rapidly on the rise. Once the triangle has been exited the March trend line will come into the limelight.
USD/JPY: Something’s got to give way. With the prices now out into the apex area of the triangle the probability for a directional move is decreasing (there’s a tendency for triangles that comes too close to the apex point to just disintegrate hence leaving no directional clue). NFP today will of course be a key event as continued falling US bond yields will be a drag on USDJPY suggesting a downside solution to the current stalemate.
AUD/NZD: Heading for a key support test. Underpinned by recovering dairy prices the NZD has recovered some its previous losses (whereas for instance iron ore seems to have ended its recent reaction hence imposing downside pressure on the AUD). The cross, also underpinned by a lower high in Sept, now seems to be just about to make a test of the important 1.0895/1.0915 support zone. If broken, a double/triple top will be confirmed in place indicating potential losses down toward the 1.05-area.
S&P500:Respecting nearby resistance. TA 2nd winner was added yesterday, but overhead dynamic resistance (1,929\36) was left at rest. Expect those to lid and 1,892/90 to floor the market into NFP – then we’ll see.
'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 gains ground on hawkish RBA, Nonfarm Payrolls awaited
The Australian Dollar continues its winning streak for the third successive session on Friday. The hawkish sentiment surrounding the Reserve Bank of Australia bolsters the strength of the Aussie Dollar, consequently, underpinning the AUD/USD pair.
USD/JPY: Japanese Yen advances to nearly three-week high against USD ahead of US NFP
The Japanese Yen continues to draw support from speculated government intervention. The post-FOMC USD selling turns out to be another factor weighing on the USD/JPY pair. Investors now look forward to the crucial US NFP report for a fresh directional impetus.
Gold lacks firm near-term direction, remains stuck in a range ahead of US NFP
Gold price struggles to gain any meaningful traction amid mixed fundamental cues. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support. Bets for a delayed Fed rate cut and a positive risk tone cap gains ahead of the US NFP.
Solana price pumps 7% as SOL-based POPCAT hits new ATH
Solana price is the biggest gainer among the crypto top 10, with nearly 10% in gains. The surge is ascribed to the growing popularity of projects launched atop the SOL blockchain, which have overtime posted remarkable success.
NFP: The ultimate litmus test for doves vs. hawks
US Nonfarm Payrolls will undoubtedly be the focal point of upcoming data releases. The estimated figure stands at 241k, notably lower than the robust 303k reported in the previous release and below all other readings recorded this year.