EUR/USD Moves Higher, Continued Price Erosion For Oil
eFXnews | Jul 10, 2014 06:32AM ET
The following are the intraday outlooks for EUR/USD, GBP/USD, AUD/NZD, and Crude Oil as provided by the technical strategy team at SEB Group.
EUR/USD: An extended reaction higher. The 1.3588 downside confirmation point was never even close to be broken before the buyers took control and pushed prices higher on back of the Fed minutes. We however still see the rise as corrective (as long as not passing 1.3701) and are thus looking for signs of a downside turn from a hourly 1.3651/58 Fibo window.
GBP/USD: Seeking a false upside break. The market has the past week been gathering strength for an attempt to break the 1.7180 resistance. The wave pattern since the May low however indicates that this will be 5th of a 5 th wave higher i.e. the very last part of the rise. We are therefore looking for a potential false break, an up-thrust peak above 1.7180. So if breaking above 1.7180 but ending the day below a first sell signal will be generated.
AUD/NZD: The 1.0649 support under attack. The cross continues to push lower after having completed the latest minor upside reaction at 1.0735. A break of 1.0649 is according to us an already done deal and a downside continuation towards next 1.0539 should be penciled in (as the next step down towards our long term target at 1.0370/80).
Brent Crude: A continued price erosion. Also yesterday the market continued to decline and reached the last of the Fibo supports, 78.6%, of the June rise. If not ending here a full 100% correction of the latest rise will be pencilled in i.e. a return to 106.44.
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