03 SEP 2013 02:18 EDT
By eFXnews.com
The following are the intraday outlooks for EUR/USD, USD/JPY, AUD/USD
and S&P500 as provided by the technical strategy team at SEB Group.
EUR/USD: One more low before pausing. Even though a new low wasn’t printed yesterday the market at least closed at the lowest level since the turn. We still see the market moving down to a new low sub 1.3173, to either 1.3162, the ideal target for wave 3 or possible the theoretical target for the current hourly triangle, 1.3119. Once a new low is in place a wave four correction to 1.3237 likely to take place.
USD/JPY: Exited the bull triangle. Yesterday the market broke and closed outside the bull triangle created since the May peak. The development is very positive and more gains should be made going forward. Near term targets should be 100.6 (a 161.8 Fibo projection point) and 101.05/101.54 (July top area). Initial support is located around 99.10.
AUD/USD: Monitoring the channel ceiling. With a possible higher low printed a couple of days ago the setup for a possible more profound upside reaction is in place. The market must however clear the April falling top line and the 55d ma band to make a larger correction getting legs. Caution urged should the market turn down from the prior reaction high, 0.9070, as such a development hinting of underlying weakness (and new trend lows).
S&P 500: Still digesting the Aug decline. With a completed five wave pattern down in August the market is currently seen consolidating/correcting the decline. As such we should basically see the market spending time ranging but also a potential for a short term continued rise toward possible the high 1660’s, the peak of wave 4. Last week’s bearish candle and the Aug dark cloud cover candle will thereafter guide the market lower.
EUR/USD: One more low before pausing. Even though a new low wasn’t printed yesterday the market at least closed at the lowest level since the turn. We still see the market moving down to a new low sub 1.3173, to either 1.3162, the ideal target for wave 3 or possible the theoretical target for the current hourly triangle, 1.3119. Once a new low is in place a wave four correction to 1.3237 likely to take place.
USD/JPY: Exited the bull triangle. Yesterday the market broke and closed outside the bull triangle created since the May peak. The development is very positive and more gains should be made going forward. Near term targets should be 100.6 (a 161.8 Fibo projection point) and 101.05/101.54 (July top area). Initial support is located around 99.10.
AUD/USD: Monitoring the channel ceiling. With a possible higher low printed a couple of days ago the setup for a possible more profound upside reaction is in place. The market must however clear the April falling top line and the 55d ma band to make a larger correction getting legs. Caution urged should the market turn down from the prior reaction high, 0.9070, as such a development hinting of underlying weakness (and new trend lows).
S&P 500: Still digesting the Aug decline. With a completed five wave pattern down in August the market is currently seen consolidating/correcting the decline. As such we should basically see the market spending time ranging but also a potential for a short term continued rise toward possible the high 1660’s, the peak of wave 4. Last week’s bearish candle and the Aug dark cloud cover candle will thereafter guide the market lower.
Copyright © 2013 eFXnews
No comments:
Post a Comment