The following are the intraday outlooks for EUR/USD, GBP/USD, USD/JPY, and AUD/USD as provided by the technical strategy team at SEB Group.
EUR/USD: Wedge calls for more meandering. The falling wedge, a common terminating pattern, calls for more ups and downs in order to be completed. The best suited pattern is a rise to the upper boundary, 1.0677, followed by a new (and this time a bit more lasting) low in the low 1.05’s (possible a swift dip into the 1.04’s) before a more profound correction (to ideally 1.0830) will begin.
GBP/USD: Bear triangle ready to go. The past days has formed a bear triangle, a downside continuation pattern so within a day or two the pair should be heading south again challenging (and passing) the previous low point at 1.5027. The triangle indicates a next target at 1.4983 and thereafter another corrective bounce. Longer term, given the earlier painted bearish waves setup, we are looking for the pair to post substantial losses.
USD/JPY: Lower before higher. The correction from the recent peak is probably not yet completed. There’s two possible correction target to focus at, the 122.23-122.11 area and if passed the 121.40-area (the ideal target for an hourly head and shoulders top).
AUD/USD: Bullish sentiment cooling? The potentially bearish candle on Wed was followed up by a net loser yesterday and this could be signs of near-term bullishness starting to cool off. This argues for bears (or bulls also for that matter) to keep a close eye on supports spread out in the 0.7185/0.7130-zone and further down at the potential "B-wave low" at 0.7069. Comfortably through resistance at 0.7297\03 would instead turn focus to the mid-Oct high of 0.7382.
'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 extends gains above 1.0700 on Powell’s presser
The selling bias in the Greenback gathers extra pace as Powell’s press conference is under way, lifting EUR/USD to daily tops past the 1.0700 hurdle.
GBP/USD rises above 1.2500 on weaker Dollar
The resumption of the upward pressure sends GBP/USD back above 1.2500 the figure in response to increasing selling pressure hurting the Greenback.
Gold surpasses $2,300 as Dollar tumbles
The precious metal maintains its constructive stance and trespasses the $2,300 region on Wednesday after the Federal Reserve left its FFTR intact, matching market expectations.
A new stage of Bitcoin's decline
Bitcoin's closing price on Tuesday became the lowest since late February, confirming the downward trend and falling under March and April support and the psychologically important round level.
The market welcomes the Fed's statement
The market has welcomed the Fed statement, and the S&P 500 is higher in its aftermath, the dollar is lower and Treasury yields are falling. There is still only one cut priced in by the Fed.