Intraday Outlooks For EUR/USD, Gold, Oil, S&P500

The following are the intraday outlooks for EUR/USD, Spot Gold, Brent Crude, and SP500 as provided by the technical strategy team at SEB Group.

EUR/USD: Seeking the high 1.09s before down. The near-term grind higher is still on; now testing resistance at the low end of the descending 55day exponentially weighted moving average band (1.0915\1.1035). While short-term dynamic support at the flat "Kijun-Sen" (1.0775) remains intact additional gains into the high-1.09s is the best fit. but once there look for near-term bearish signals to take advantage of. Current intraday stretches are located at 1.0790 & 1.0955.

Spot Gold: On the lookout for a +$1,211 break. The biggest single-day gainer since late Jan must count for something.It now looks quite clear that the decline from the early Apr high of 1,224 is, or rather was,a correctional descent. All that is needed now is a +1.211 break to confirm this and to allow extension to and through resistance at 1,224\26. A short-term "Equality point" hints that 1.257 is the next attraction/resistance to align aim at. Current intraday stretches are located at 1,185 & 1,209.

Brent Crude: Could recheck the $62-level before. The short-term bullish wave structure remains incomplete though it is still valid. If the recent sellers' response leads to near-term bearish initiative below mid-body support at 63.90; pencil in decline closer to dynamic support, now starting at 62.00. A sub-60.70 overlap is however not ideally wished for since it would complicate the wave count more.

S&P500: Bearish print on top. The short-term "equality point" at 2,121held buyers at bay with sellers' response being strong there. The bearish print as a result points lower near-term (with short-term momentum indicators running at rich levels indicating an overstretch) and the ascending 8day "Tenkan-Sen", now at 2,092, could be retested - but a buyers' response there (or no later than at 2,080) is likely. Current intraday stretches are located at 2,090 & 2,121.

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