Intraday Outlooks For EUR/USD, EUR/GBP, USD/JPY, SP500
eFXnews | Jul 22, 2014 06:14AM ET
The following are the intraday outlooks for EUR/USD, EUR/GBP, USD/JPY, and S&P 500 as provided by the technical strategy team at SEB Group.
EUR/USD: Rangebound: Nothing much to focus on inside 1.3491/77 below and 1.3576/89 above. Current intraday stretches are located at 1.3470 & 1.3570.
EUR/GBP: Correctional high in place. The move up from last week's likely topped out at resistance coming with the Jul10 low. This is however only confirmed on a break back under 0.7904, but then with a target below 0.7889. On Wednesday, the BoE publishes minutes from Jul10 meeting and this could possibly stir it up a bit. Current intraday stretches are located at 0.7888 & 0.7952.
USD/JPY: A correctional higher lies near. The move up from last week's low looks correctional and it ought to peak in the 10.50/60-zone. A drop back below 101.19 would confirm a correctional high in place and argue for extension below 10.09/06 - then with the yearly low at 100.75 back in sight. Current intraday stretches are located at 101.05 & 10.75.
S&P 500: Short-term outlook remains positive. Last week's shakeup hasn't more than a fluke. Overall short-term conditions remain positive as long as the market holds from bearishly closing the contract below the ascending 1mt equilibrium now at 1,957. But a move outside 1,943/1,978 is needed to show a renewed demand/supply imbalance. Current intraday stretches are located at 1,955 & 1,9978.
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