By eFXnews.com
The following are the intraday outlooks for EUR/USD, Sterling, AUD/USD, EUR/JPY, and S&P500 as provided by the technical strategy team at SEB Group:
EUR/USD: Glued at 21day equilibrium. The high end of “the Cloud” and the 21day "Base line" keeps capping. Over 1.3299 is needed to start seeing the Aug-Sep decline as either a more complex trend lower (which could end up really powerful) or as a mere correction. Until then the picture remains cautiously tilted to the downside from here.
GBP: Must be monitored closely. The sterling index is close to its correction target (with GBP/USD & EUR/GBP having their respective key points at 1.5753 and 0.8350-0.8400) so the near term development must be monitored very closely. Sterling should given the stretched conditions be very sensitive to any kind of negative surprises.
AUD/USD: Testing resistance. Another winner added yesterday brought the pair into a test of short-term resistance at 0.9320-45. Some selling has emerged there this morning, but near-term players shortening up here now face support at yesterday's midbody point of 0.9270 and at 0.9234. Above 0.9350 would be a short-term stretch, but if spending a little time up here this stretch would soon fade and in a bigger picture a potential "Double-bottom" would set a fair extended target near 0.96.
EUR/JPY: Headed into the May peak (133.82). A solid winner was added yesterday as the move through prior peaks at 132.42 & 132.75 drew above average volumes. The high session close shows demand and all the short-term "Ichimoku tools” are in positive positions. This puts the May high of 133.82 in harm’s way (but it should also be noted that immediate extension beyond this level would also bring a short-term stretch to consider). Support likely around those prior peaks that were violated yesterday.
S&P 500: Extended correction. No signs of the outlined sellers yesterday as the market steamed on past the estimated correction target, 1667. The behaviour is annoying (arguing for a second corrective leg lower that is) but not unusual after a possible peak/bottom. The first reaction (wave b or 2) often moves deep into the preceding wave’s territory commonly reaching the 78,6% Fibo correction point so let’s see whether we can attract a few offers toward 1688.
Copyright © 2013 eFXnews
The following are the intraday outlooks for EUR/USD, Sterling, AUD/USD, EUR/JPY, and S&P500 as provided by the technical strategy team at SEB Group:
EUR/USD: Glued at 21day equilibrium. The high end of “the Cloud” and the 21day "Base line" keeps capping. Over 1.3299 is needed to start seeing the Aug-Sep decline as either a more complex trend lower (which could end up really powerful) or as a mere correction. Until then the picture remains cautiously tilted to the downside from here.
GBP: Must be monitored closely. The sterling index is close to its correction target (with GBP/USD & EUR/GBP having their respective key points at 1.5753 and 0.8350-0.8400) so the near term development must be monitored very closely. Sterling should given the stretched conditions be very sensitive to any kind of negative surprises.
AUD/USD: Testing resistance. Another winner added yesterday brought the pair into a test of short-term resistance at 0.9320-45. Some selling has emerged there this morning, but near-term players shortening up here now face support at yesterday's midbody point of 0.9270 and at 0.9234. Above 0.9350 would be a short-term stretch, but if spending a little time up here this stretch would soon fade and in a bigger picture a potential "Double-bottom" would set a fair extended target near 0.96.
EUR/JPY: Headed into the May peak (133.82). A solid winner was added yesterday as the move through prior peaks at 132.42 & 132.75 drew above average volumes. The high session close shows demand and all the short-term "Ichimoku tools” are in positive positions. This puts the May high of 133.82 in harm’s way (but it should also be noted that immediate extension beyond this level would also bring a short-term stretch to consider). Support likely around those prior peaks that were violated yesterday.
S&P 500: Extended correction. No signs of the outlined sellers yesterday as the market steamed on past the estimated correction target, 1667. The behaviour is annoying (arguing for a second corrective leg lower that is) but not unusual after a possible peak/bottom. The first reaction (wave b or 2) often moves deep into the preceding wave’s territory commonly reaching the 78,6% Fibo correction point so let’s see whether we can attract a few offers toward 1688.
Copyright © 2013 eFXnews
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