Intraday Outlooks For EUR/USD, USD/CAD, AUD/USD, EUR/GBP

The following are the intraday outlooks for EUR/USD, USD/CAD, AUD/USD, and EUR/GBP as provided by the technical strategy team at SEB Group.

EUR/USD: Rechecking a nearby 1.1320 support?. Price action was quiet yesterday with both Japan & the U.S. closed, but the little info the market generated was some kind of high anxiety and this makes it fair to pencil in a re-test of nearby support at 11320 (more is needed to put a tentative correctional high in place).

USD/CAD: Dynamic support respected. The low end of the (Fibo-adjusted) short-term "Cloud" (now at 1.2945) was respected. A move through nearby resistance at 1.3074\00 would start showing buyers' near-term initiative as the market now tries to scale the 55day exponentially weighted moving average band (1.3040/1.3150) - now supposedly provides resistance (together with "lchimokus" at 1.3180/210).

AUD/USD: Rechecking nearby supports. The high session close was apparently not enough to convince buyers since a re-test of supports at 0.7280/55 is underway. If the near-term move lower stalls there another round of buyers may enter and push the pair farther to the north to test resistance at 0.7428/40. Loss of lower supports at 0.7190/55 would most likely hurt bulls' self confidence and be just enough to put a tentative.

EUR/GBP: Ready to move on north. The congestion that has followed upon the exit of the month-long bull flag now seems to be completed and accordingly the market now stands ready to exit the small bull flag created within the 233d ma band. The trigger will probably be a move above Friday's high, 0.7430 (and more so above 0.7442). Once the break has taken place the target will be raised to 0.7482 (and ultimately the high 0.76's).

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