Intraday Outlooks: EUR/USD, USD/CAD, Oil, S&P 500
eFXnews | Dec 16, 2014 04:38AM ET
EUR/USD: Bullish Triangle? Resistance is obvious in the 1.2480-96 zone, but the contracting range was entered from below and should (best fit) be exited higher. A range breakout would ideally target 1.2603 - coinciding with short-term refs there. A hurdle on the way is an intermediate peak at 1.2532 and the intraday stretch (now at 1.2507). First-hand support at 1.2413.
USD/CAD: Long-tern target met!. With lower oil the loonie could not hold from being dragged down lower and USD/CAD pulled higher to meet a medium-long-term favored target in the mid-1.16s, there is a chance to also see +1.17 traded before correctional forces really kick in. Current intraday stretches are located at 1.1575 & 1.1690.
Brent Crude: Bullish hint was just a mirage. The early Monday upside attempt was, as feared, just a fluke. Sellers acted promptly on the intraday move and knocked it back to yet another low close. If also closing support at 59.30/58.95, extension towards 55.10 must be accounted for. Trendline resistance now at 62.00 and more dynamic resistance at 65.00 are likely strong enough to keep a more important short-term pivot at 67.50 out of reach.
S&P 500: Headed into the short-term Fibo. An Oct-Dec Fibo retracement grid (1,977/1,946/1,915) becomes increasingly exposed with price action as negative as it currently is. A move back over 2,030 (dynamic resistance, not shown here) and the weekly 2,036 mid-body point is needed to defuse the immediate downside risk.
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