The following are the intraday outlooks for EUR/USD, USD/JPY, and AUD/USD as provided by the technical strategy team at SEB Group.
EUR/USD: A completed correction higher...when/if support at 1.0667 is lost again- since the move by then would resemble a three-wave structure higher with its "B-wave low" broken. This would argue for fresh lows under 1.0617. The bigger picture would then nurse extension to and through the cycle low of 1.0457, with some refs to keep in mind on the way at 1.0595, 1.0583, 1.0520 & 1.0480. Local resistance points are found at 1.0763\69.1.0797 and at 1.0830.
USD/JPY: Bearish print highlights divergence. Yesterday's notably bearish candle highlights a price/momentum divergence at key resistance (in the high- 123s). The low session close shows supply. likely to have repercussions into weekend and this puts supports at 122.23, 121.90/85 & 121.60 into exposed positions. Mid body resistance has formed at 123.25.
AUD/USD: A bearish stance proved wrong...or at least ill-timed. The convincing move through earlier resistance at a descending trendline (0.7110) puts a near term "Equality point" and the early Nov high (0.7213\24) under pressure. This does not alter the bigger bearish view. but if not stopping there, extension towards 0.7250 \0.7300 must be sketched out. Local support is building at 0.7160/50 but the "B-wave low" at 0.7069 must also be lost to confirm a correctional high in place.
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 holds above 1.0700 ahead of US jobs report
EUR/USD stays in a consolidation phase above 1.0700 after closing the previous two days in positive territory. Investors eagerly await April jobs report from the US, which will include Nonfarm Payrolls and Unemployment Rate readings.
GBP/USD advances to 1.2550, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2550 amid the softer US Dollar on Friday. Market participants refrain from taking large positions as focus shifts to April Nonfarm Payrolls and ISM Services PMI data from the US.
Gold remains stuck near $2,300 ahead of US NFP
Gold price struggles to gain any meaningful traction and trades in a tight channel near $2,300. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support to XAU/USD ahead of the key US NFP data.
XRP edges up after week-long decline as Ripple files letter in reply to SEC’s motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
US NFP Forecast: Nonfarm Payrolls gains expected to cool in April
The NFP report is expected to show that the US economy added 243,000 jobs last month, sharply lower than the 303,000 job creation seen in March. The Unemployment Rate is set to stay unchanged at 3.8% in the same period.