Mid-March Market Alignment

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: choppy.

Pivot:

159.40

Our preference:

Short positions below 159.40 with targets at 158.85 & 158.65 in extension.

Alternative scenario:

Above 159.40 look for further upside with 159.60 & 159.75 as targets.

Comment:

As long as 159.40 is resistance, look for choppy price action with a bearish bias.

EUR/USD

EUR/USD Intraday: bullish bias above 1.1460.

Pivot:

1.1460

Our preference:

Long positions above 1.1460 with targets at 1.1525 & 1.1545 in extension.

Alternative scenario:

Below 1.1460 look for further downside with 1.1440 & 1.1420 as targets.

Comment:

The RSI is above its neutrality area at 50%.

GBPUSD

GBP/USD Intraday: the upside prevails.

Pivot:

1.3270

Our preference:

Long positions above 1.3270 with targets at 1.3340 & 1.3370 in extension.

Alternative scenario:

Below 1.3270 look for further downside with 1.3240 & 1.3215 as targets.

Comment:

The RSI calls for a bounce.

CRUDE OIL

Crude Oil (WTI)‎ (J6)‎ Intraday: key resistance at 96.55.

Pivot:

96.55

Our preference:

Short positions below 96.55 with targets at 92.00 & 89.90 in extension.

Alternative scenario:

Above 96.55 look for further upside with 98.20 & 101.10 as targets.

Comment:

A break below 92.00 would trigger a drop towards 89.90.

GOLD

Gold Intraday: range.

Pivot:

5035

Our preference:

Short positions below 5035 with targets at 4965 & 4945 in extension.

Alternative scenario:

Above 5035 look for further upside with 5070 & 5100 as targets.

Comment:

The RSI is around its neutrality area at 50%

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: the bias remains bullish.

Pivot:

24780

Our preference:

Long positions above 24780 with targets at 25010 & 25140 in extension.

Alternative scenario:

Below 24780 look for further downside with 24690 & 24540 as targets.

Comment:

Intraday technical indicators are mixed and call for caution.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: bullish bias above 6730.

Pivot:

6730

Our preference:

Long positions above 6730 with targets at 6785 & 6810 in extension.

Alternative scenario:

Below 6730 look for further downside with 6693 & 6675 as targets.

Comment:

The RSI is around its neutrality area at 50%

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: the bias remains bullish.

Pivot:

47140

Our preference:

Long positions above 47140 with targets at 47550 & 47780 in extension.

Alternative scenario:

Below 47140 look for further downside with 46900 & 46760 as targets.

Comment:

A support base at 47140 has formed and has allowed for a temporary stabilisation.