MARKET ANALYSIS ON EURUSD, GBPUSD AUDUSD, ETC, The following are the intraday outlooks for EUR/USD, AUD/USD, GBP/USD, and S&P500 as provided by the technical strategy team at SEB Group. EUR/USD: Bearish signs in the target zone. Yesterday’s price action with yet another correctional high and another failure to attract any follow through buying is clearly a bearish sign. So is also the fact that in the hourly chart we have shifted from impulsive moves higher and slow declines to the opposite, an indication of a bearish transition. A net down move today will also make stochastic roll over to the downside from its most overbought level since mid June. Above 1.3244 a new high will be confirmed. AUD/USD: Correction ended Today. The very impulsive rejection from the primary target area, 0.9306/0.9345. has ended the upside correction. The violation of the B-wave low, however not yet sustained, has confirmed that we soon will find ourselves at a fresh trend low. Mid body of yesterday’s falling benchmark candle, 0.9225, will now offer a great opportunity to shorten the pair. GBP/USD: Possible a premature peak. It’s possible that yesterday’s failure (to reach the 1.5435 target) and bearish candle marked a premature end to the July upward correction. So far we can’t confirm that that’s the case but should the market break 1.5306 today, well then most pieces of evidence will be pointing in that direction. S&P 500: More selling breaking the line. With a lower high and a relatively impulsive decline the market took out the 1687 support falling down to the target of the hourly head and shoulders top, 1677. The bounce so far looks rather corrective to us hence downside risk remains elevated (unless overcoming 1695). Breaking the June trend line will insert more pressure toward the weekly key support, 1666. MORE HERE efxnews/story/19893/eurusd-bearish-signs-target-zone-audusd-correction-ended-sp500-more-selling-seb
Posted on: Thu, 25 Jul 2013 07:47:15 +0000
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