Daily Technical Strategies

EUR/USD INTRADAY: UNDER PRESSURE

USD/JPY INTRADAY: THE DOWNSIDE PREVAILS

Pivot: 111.00

Our preference: short positions below 111.00 with targets at 110.50 & 110.25 in extension.

Alternative scenario: above 111.00 look for further upside with 111.35 & 111.55 as targets.

Comment: the RSI shows downside momentum.

GBP/USD INTRADAY: THE UPSIDE PREVAILS

Pivot: 1.2390

Our preference: long positions above 1.2390 with targets at 1.2450 & 1.2475 in extension.

Alternative scenario: below 1.2390 look for further downside with 1.2360 & 1.2335 as targets.

Comment: the RSI is mixed to bullish.

GOLD SPOT INTRADAY: FURTHER UPSIDE

Pivot: 1251.70

Our preference: long positions above 1251.70 with targets at 1259.00 & 1262.00 in extension.

Alternative scenario: below 1251.70 look for further downside with 1249.40 & 1247.00 as targets.

Comment: the RSI broke above a bearish trend line.

SILVER SPOT INTRADAY: FURTHER ADVANCE

Pivot: 17.7600

Our preference: long positions above 17.7600 with targets at 18.1100 & 18.1900 in extension.

Alternative scenario: below 17.7600 look for further downside with 17.6700 & 17.5800 as targets.

Comment: the RSI is mixed to bullish.

CRUDE OIL (WTI) (K7) INTRADAY: FURTHER ADVANCE

Pivot: 52.78

Our preference: long positions above 52.78 with targets at 53.48 & 53.75 in extension.

Alternative scenario: below 52.78 look for further downside with 52.55 & 52.30 as targets.

Comment: the RSI is mixed with a bullish bias.

DOW JONES (CME) (M7) INTRADAY: UNDER PRESSURE

Pivot: 20645.00

Our preference: short positions below 20645.00 with targets at 20530.00 & 20490.00 in extension.

Alternative scenario: above 20645.00 look for further upside with 20690.00 & 20730.00 as targets.

Comment: as long as 20645.00 is resistance, likely decline to 20530.00.

S&P 500 (CME) (M7) INTRADAY: TURNING DOWN

Pivot: 2356.00

Our preference: short positions below 2356.00 with targets at 2345.00 & 2341.00 in extension.

Alternative scenario: above 2356.00 look for further upside with 2361.00 & 2367.00 as targets.

Comment: as long as 2356.00 is resistance, likely decline to 2345.00.

DAX (EUREX) (M7) INTRADAY: BULLISH BIAS ABOVE 12185.00

Pivot: 12185.00

Our preference: long positions above 12185.00 with targets at 12275.00 & 12300.00 in extension.

Alternative scenario: below 12185.00 look for further downside with 12148.00 & 12100.00 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Prices have broken above a declining trend line and remain within an upward-sloping channel.

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

Pivot: 7262.00

Our preference: long positions above 7262.00 with targets at 7309.00 & 7317.00 in extension.

Alternative scenario: below 7262.00 look for further downside with 7249.00 & 7236.00 as targets.

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

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