Intraday Outlooks: EUR/USD Still In Range With A Downside Tilt
eFXnews | Jul 15, 2014 03:52AM ET
The following are the intraday outlooks for EUR/USD, GBP/USD, and Spot Gold as provided by the technical strategy team at SEB Group.
EUR/USD: Still in range with a downside tilt. Price action yesterday does not reveal any fresh current in the market. The 1.3576/13651 range has to be violated to indicate an increased chance for a directional move. It's interesting to note that the combination of the lower end of the descending 233day moving average band and the ascending 55day moving average created a junction of resistance at 1.3635/40 and it was respected yesterday (and the lower end of the 55day moving average band (1.3600) adds support).
GBP/USD: Current levels should attract buyers. Price action was tilted to the downside yesterday, but the lower end of a bullish 'Flag', a previous peak and the Fibo-adjusted 21day 'Kijun-Sen' at 1.7064/1.7050 ought to draw buyers' attention. Though a break back over 1.7150/70 is needed to confirm a near-term correctional low in place. Current intraday stretches are located at 1.7030 & 1.7150.
Spot Gold: Biggest single day drop this year! Selling in the gold market came in from left field yesterday and most surely too (over) confident long guard. The move down was the biggest single-day drop this and must count for something. The 8day 'Tenkan-Sen' and yesterday's mid-body point at 1.323 ought to work as respected resistance going forward and pave for an extension into the 1.305/1.2930 support.
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