The following are the intraday outlooks for EUR/USD, GBP/USD, US 10Y Note,
and S&P500 as provided by the technical strategy team at SEB Group.
EUR/USD: Selling getting traction. Having passed FOMC and the 1.3733 mid body point the door has been opened to lower levels. We will next focus at the Oct 3 peak, 1.3647, and the midbody point of the Oct 17 rising benchmark candle, 1.3601 as upcoming targets. To maintain a healthy downside momentum a move above 1.3787 shouldn’t be seen (and above 1.3814 mustn’t be seen).
GBP/USD: A double top? The past days decline has raised the question of whether we are creating a double top or not. A break below 1.5894 will confirm such an outcome and would be an event that fits nicely with our longer term bearish outlook (recent peak seen as the final peak, wave E, within a large bear triangle).
US 10y Note: Down before up after yesterday's candle. A fresh short-term high was added yesterday, but the buying spree soon dwindled and when smoke cleared, players went home, leaving a potentially bearish candle behind to consider. A 127-04 recheck seems logic after this. Below 126-27/126-20 is however needed to reconsider a short-term bullish stance.
S&P500: Bulls should worry about that candle. Yet another fresh high was added yesterday, but this time it was hit by stronger headwinds. The daily candle as a result is potentially bearish and spending time below 1,751 would show acceptance and late longs would then be thought to surrender. While triggering sell-stops, extension towards 1,735/1,727 would become increasingly likely.
EUR/USD: Selling getting traction. Having passed FOMC and the 1.3733 mid body point the door has been opened to lower levels. We will next focus at the Oct 3 peak, 1.3647, and the midbody point of the Oct 17 rising benchmark candle, 1.3601 as upcoming targets. To maintain a healthy downside momentum a move above 1.3787 shouldn’t be seen (and above 1.3814 mustn’t be seen).
GBP/USD: A double top? The past days decline has raised the question of whether we are creating a double top or not. A break below 1.5894 will confirm such an outcome and would be an event that fits nicely with our longer term bearish outlook (recent peak seen as the final peak, wave E, within a large bear triangle).
US 10y Note: Down before up after yesterday's candle. A fresh short-term high was added yesterday, but the buying spree soon dwindled and when smoke cleared, players went home, leaving a potentially bearish candle behind to consider. A 127-04 recheck seems logic after this. Below 126-27/126-20 is however needed to reconsider a short-term bullish stance.
S&P500: Bulls should worry about that candle. Yet another fresh high was added yesterday, but this time it was hit by stronger headwinds. The daily candle as a result is potentially bearish and spending time below 1,751 would show acceptance and late longs would then be thought to surrender. While triggering sell-stops, extension towards 1,735/1,727 would become increasingly likely.
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