By eFXnews.com
The following are the intraday outlooks for EUR/USD, USD/JPY, GBP/USD, and NZD/USD as provided by the technical strategy team at SEB Group.
EUR/USD: Still respecting dynamic support. The high end of the short-term bullishly tilted "Cloud" is still respected and the positive candle printed yesterday which took off from it argues for a +1.1380 high before down. Right now it's hard to pinpoint the trigger level for a move lower until the 1.1100/11049-area. Current intraday stretches are located at 1.1140 & 11365.
USD/JPY: Bearish print challenge support. The short-term fast moving dynamic support in the form of an 8day "Tenkan-Sen" is under pressure following a bearish print added yesterday. If also losing the 123.75 ref - look for extension to key short-term support at 122.37/04. Current intraday stretches are located at 124.15 & 125.40.
GBP/USD: Buyers at dynamic support. The low ends of the bullish "Cloud" and the 55day exponentially weighted moving average band provide support. Yesterday's bullish print argues for extension back to a short-term 1.5441\47 pivot and the flat "Kijun-Sen" not far beyond those at 1.5495 if/when local resistance at 1.5370 gives way. A near-term positive stance should be reassessed below 1.5305 and all surrendered under 1.5222. Current intraday stretches are located at 1.5210 & 1.544.4.
NZD/USD: Several bullish signs. The inability to attract fresh selling below the June 01 low point, yesterday's bullish engulfing candle and the low and narrowing MACO are all indications that the market is oversold and accordingly has begun covering at least parts of those shorts (CoT report showed that the NZD shorts are at a record extreme). The oversold market and extreme positioning might create an impulsive move higher should RBNZ remain on hold at 3.5% later this week (which we think they will).
