Home Forex Analysis And Forecasts Intraday Outlooks For EUR/USD, USD/JPY, SP500, Oil - SEB

Intraday Outlooks For EUR/USD, USD/JPY, SP500, Oil – SEB

The following are the intraday outlooks for EUR/USD, USD/JPY, Oil, and SP500 as provided by the technical strategy team at SEB Group.

EUR/USD: Lowering the target cursor further. Support in the mid-1.09s has eroded and this should lower your target cursor to the sub-1.09 levels (with 1.0882 & 1.0802 of interest next). Decent resistance is likely at 1.1065 and more of the same at 1.1208\23. Current intraday stretches are located at 1.0860 & 1.1080.

USD/JPY: Bid, but indicators start looking rich. The market is still bid but indicators starts running at rich levels, indicating a short-term stretch and arguing for a tighter protective sell-stop, if not earlier at least just below the short-term 120.64/51 pivot.

S&P500: High anxiety? The move higher is paused, not reversed, but action looks cautiously slow with support at 2,112/06 and resistance at 2,134\36 both being respected. Some momentum indicators are running high, indicating that a short-term upside stretch is approaching. Near-term players should go with a break on either side – for 2,092/80 below or for 2,151 above.

Brent Crude: Mildly bearish below 67.15. The move lower looks a bit too slow for comfort (from a bearish point of view). The still ascending 55day exponentially weighted moving average band (65.10/63.15) is still an obstacle (and then comes the short-term bullish "Cloud" to consider). But while holding south of the Fibo­ adjusted 21day "Kijun-Sen" at 67.15 there is still a decent argument for a bearish approach to the market. Bulls would show initiative on a break back over 67.88\68.52.

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