Intraday FX: EUR/USD, USD/JPY, EUR/GBP, AUD/NZD
eFXnews | Oct 16, 2014 04:52AM ET
The following are the intraday outlooks for EUR/USD, USD/JPY, EUR/GBP, and AUD/NZD as provided by the technical strategy team at SEB Group.
EUR/USD: Resistance noted at 'Equality point'. The market soared on poor data taking the better out of an already crowded trade. The move however was halted at a short-term 'Equality point', another 161.8% Fibo projection ref and the Sep mid-body point. Too early to say that the correction has run its course, but for this 1.2747 and more importantly 1.2604 have to be lost again. An alternative correction high could be a mid-Sep reaction high, a short-term 127.2% Fibo detention ref and the high end of the 55day exponentially weighted moving average band at 1.2975/3010. Current intraday stretches are located at 1.2120 & 1.2845.
USD/JPY: Some buying at support (Jan high). The slump did not end before testing and temporarily breaking below the early Jan high mark at 105.44. But it's far from certain that a more lasting low is in place, since am alternative 261.8% Fibo projection ref at 104.45 remains to be filled. Mid-body resistance at 106.50 is the first hurdle for bulls coming back in and then 107.50 is equally important to reclaim to put the pair back on safer ground again.
EUR/GBP: Another clear-cut bullish print added. Bulls are in full control; with the 0.80-handle boldly violated it's questionable if the short-term stretch (deviation to the monthly average) will be enough to prevent an attack at key attraction/resistance in the 0.8050/67-zone and possibly on the medium-term descending line of resistance, now at 0.8085. Mid-body support at 0.7945 & 0.7900 from action.
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AUD/NZD: Soon to test the 1.0900 area. The recent recheck and validation of the return into the big bear flag has triggered additional selling and we are now rapidly declining toward an important support area, 1.0919/1.0901/1.0882 where 1.0901 represents the most important of the supports being the confirmation point of a double top being put in place. On a longer term horizon we still argues for a continued decline, a downside break from the big bear flag and ultimately an arrival around 1.03/04.
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