Intraday Outlooks For USD Index, USD/JPY, EUR/USD, Oil – SEB

The following are the intraday outlooks for USD Index, USD/JPY, EUR/USD, and Brent Crude as provided by the technical strategy team at SEB Group.

USD Index: The 20009 high is violated. The upmove has been extended to and beyond the 2009 high of 89.62. Next up would be a long-term (2001-2008) 38.2% Fibo retracement ref at 89.92, followed by ‘Equality points’ at 90.96 & 91.62 and a 2005 high of 92.63.

USD/JPY: Cautiously higher…But in waning volumes. Still, the break back over 119.55 has increased the prospect of a move back to and possibly above the 121.86 high printed earlier this month. Current intraday stretches are located at 119.05 & 120.90.

EUR/USD: In a slowing descent…But a descent it is. Below 1.2216 would set focus on a trendline at 1.2175 & a short-term 161.8% Fibo projection ref at 1.2140. Under those would create interest for the 2012 low of 1.2042. Current intraday stretches are located at 1.2175 & 1.2300.

Brent Crude: Upside hoped waxed and waned. Now it looks more like a bearish ‘Flag’ which once it’s broken (<59.30) would target not only 55.45 (127.2% Fibo extension ref) but also 54.25. A clear-cut bullish session close above the ever descending 8day ‘Tenkan-Sen’ (61.25) is needed to question the immediate bullish stance again.