DailyTechnical Strategies 23.03.2017

EUR/USD INTRADAY: THE DOWNSIDE PREVAILS.

Pivot: 1.0825

Our preference: short positions below 1.0825 with targets at 1.0770 & 1.0750 in extension.

Alternative scenario: above 1.0825 look for further upside with 1.0850 & 1.0875 as targets.

Comment: a break below 1.0770 would trigger a drop towards 1.0750

USD/JPY INTRADAY: KEY RESISTANCE AT 111.75.

Pivot: 111.75

Our preference: short positions below 111.75 with targets at 111.00 & 110.75 in extension.

Alternative scenario: above 111.75 look for further upside with 112.25 & 112.90 as targets.

Comment: the upward potential is likely to be limited by the resistance at 111.75.

GBP/USD INTRADAY: THE UPSIDE PREVAILS

Pivot: 1.2425

Our preference: long positions above 1.2425 with targets at 1.2535 & 1.2565 in extension.

Alternative scenario: below 1.2425 look for further downside with 1.2380 & 1.2335 as targets.

Comment: the RSI shows upside momentum.

GOLD SPOT INTRADAY: BULLISH BIAS ABOVE 1244.30.

Pivot: 1244.30

Our preference: long positions above 1244.30 with targets at 1251.50 & 1255.00 in extension.

Alternative scenario: below 1244.30 look for further downside with 1239.50 & 1235.50 as targets.

Comment: a support base at 1244.30 has formed and has allowed for a temporary stabilisation.

SILVER SPOT INTRADAY: BULLISH BIAS ABOVE 17.4700.

Pivot: 17.4700

Our preference: long positions above 17.4700 with targets at 17.5900 & 17.6800 in extension.

Alternative scenario: below 17.4700 look for further downside with 17.4200 & 17.3600 as targets.

Comment: the RSI broke above a declining trend line.

CRUDE OIL (WTI) (K7) INTRADAY: FURTHER UPSIDE.

Pivot: 47.80

Our preference: long positions above 47.80 with targets at 48.92 & 49.17 in extension.

Alternative scenario: below 47.80 look for further downside with 47.45 & 47.00 as targets.

Comment: the RSI advocates for further advance.

DOW JONES (CME) (M7) INTRADAY: BULLISH BIAS ABOVE 20570.00.

Pivot: 20570.00

Our preference: long positions above 20570.00 with targets at 20665.00 & 20700.00 in extension.

Alternative scenario: below 20570.00 look for further downside with 20525.00 & 20470.00 as targets.

Comment: the RSI is supported by a bullish trend line

S&P 500 (CME) (M7) INTRADAY: REBOUND EXPECTED.

Pivot: 2341.00

Our preference: long positions above 2341.00 with targets at 2353.00 & 2357.25 in extension.

Alternative scenario: below 2341.00 look for further downside with 2332.00 & 2326.00 as targets.

Comment: the RSI lacks downward momentum.

DAX (EUREX) (M7) INTRADAY: KEY RESISTANCE AT 11978.00.

Pivot: 11978.00

Our preference: short positions below 11978.00 with targets at 11875.00 & 11830.00 in extension.

Alternative scenario: above 11978.00 look for further upside with 12010.00 & 12040.00 as targets.

Comment: as long as 11978.00 is resistance, look for choppy price action with a bearish bias.

FTSE 100 (ICE EUROPE) (M7) INTRADAY: RANGE.

Pivot: 7277.00

Our preference: short positions below 7277.00 with targets at 7230.00 & 7205.00 in extension.

Alternative scenario: above 7277.00 look for further upside with 7294.00 & 7314.00 as targets.

Comment: as long as 7277.00 is resistance, look for choppy price action with a bearish bias.

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