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Daily Technical Strategies

5th April 2017

EUR/USD INTRADAY: THE UPSIDE PREVAILS.

Pivot: 1.0645

Our preference: long positions above 1.0645 with targets at 1.0700 & 1.0720 in extension.

Alternative scenario: below 1.0645 look for further downside with 1.0625 & 1.0600 as targets.

Comment: The pair has broken above the upper boundary of a bearish channel and remains on the upside.

USD/JPY INTRADAY: UNDER PRESSURE

Pivot: 111.00

Our preference: short positions below 111.00 with targets at 110.25 & 110.05 in extension.

Alternative scenario: above 111.00 look for further upside with 111.25 & 111.50 as targets.

Comment: the RSI is mixed to bearish.

GBP/USD INTRADAY: UNDER PRESSURE

Pivot: 1.2465

Our preference: short positions below 1.2465 with targets at 1.2415 & 1.2395 in extension.

Alternative scenario: above 1.2465 look for further upside with 1.2495 & 1.2515 as targets.

Comment: The pair is shaping a triangle pattern.

GOLD SPOT INTRADAY: THE DOWNSIDE PREVAILS

Pivot: 1257.90

Our preference: short positions below 1257.90 with targets at 1253.30 & 1251.10 in extension.

Alternative scenario: above 1257.90 look for further upside with 1261.35 & 1263.50 as targets.

Comment: the RSI is bearish and calls for further decline.

SILVER SPOT INTRADAY: UNDER PRESSURE

Pivot: 18.3200

Our preference: short positions below 18.3200 with targets at 18.1700 & 18.1100 in extension.

Alternative scenario: above 18.3200 look for further upside with 18.4100 & 18.4800 as targets.

Comment: the RSI is bearish and calls for further downside.

CRUDE OIL (WTI) (K7) INTRADAY: THE UPSIDE PREVAILS

Pivot: 50.70

Our preference: long positions above 50.70 with targets at 51.80 & 52.25 in extension.

Alternative scenario: below 50.70 look for further downside with 50.38 & 49.88 as targets.

Comment: the RSI is bullish and calls for further upside.

DOW JONES (CME) (M7) INTRADAY: CHOPPY

Pivot: 20575.00

Our preference: long positions above 20575.00 with targets at 20650.00 & 20670.00 in extension.

Alternative scenario: below 20575.00 look for further downside with 20525.00 & 20490.00 as targets.

Comment: the RSI broke above a declining trend line.

S&P 500 (CME) (M7) INTRADAY: BULLISH BIAS ABOVE 2350.00

Pivot: 2350.00

Our preference: long positions above 2350.00 with targets at 2360.00 & 2363.00 in extension.

Alternative scenario: below 2350.00 look for further downside with 2345.00 & 2340.00 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

DAX (EUREX) (M7) INTRADAY: CONSOLIDATION IN PLACE

Pivot: 12344.00

Our preference: short positions below 12344.00 with targets at 12230.00 & 12174.00 in extension.

Alternative scenario: above 12344.00 look for further upside with 12375.00 & 12410.00 as targets.

Comment: as long as the resistance at 12344.00 is not surpassed, the risk of the break below 12230.00 remains high. 

FTSE 100 (ICE EUROPE) (M7) INTRADAY: REBOUND

Pivot: 7247.00

Our preference: long positions above 7247.00 with targets at 7282.00 & 7300.00 in extension.

Alternative scenario: below 7247.00 look for further downside with 7222.00 & 7202.00 as targets.

Comment: the RSI shows upside momentum. The index broke above a short term declining trend line.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.