March Market Review: Strategic Takeaways

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: rebound in sight.

Pivot:

159.50

Our preference:

Long positions above 159.50 with targets at 160.10 & 160.45 in extension.

Alternative scenario:

Below 159.50 look for further downside with 159.30 & 159.05 as targets.

Comment:

The RSI shows upside momentum.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:

1.1485

Our preference:

Short positions below 1.1485 with targets at 1.1430 & 1.1410 in extension.

Alternative scenario:

Above 1.1485 look for further upside with 1.1500 & 1.1520 as targets.

Comment:

The RSI calls for a new downleg.

GBPUSD

GBP/USD Intraday: under pressure.

Pivot:

1.3220

Our preference:

Short positions below 1.3220 with targets at 1.3135 & 1.3100 in extension.

Alternative scenario:

Above 1.3220 look for further upside with 1.3250 & 1.3280 as targets.

Comment:

The RSI is bearish and calls for further decline.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: 110.50 in sight.

Pivot:

102.30

Our preference:

Long positions above 102.30 with targets at 107.00 & 110.50 in extension.

Alternative scenario:

Below 102.30 look for further downside with 100.40 & 98.10 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold Intraday: choppy.

Pivot:

4555

Our preference:

Short positions below 4555 with targets at 4465 & 4420 in extension.

Alternative scenario:

Above 4555 look for further upside with 4580 & 4600 as targets.

Comment:

The RSI lacks momentum.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: 45060 expected.

Pivot:

45640

Our preference:

Short positions below 45640 with targets at 45060 & 44940 in extension.

Alternative scenario:

Above 45640 look for further upside with 45830 & 45990 as targets.

Comment:

The RSI is below its neutrality area at 50%

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: 22660 in sight.

Pivot:

23260

Our preference:

Short positions below 23260 with targets at 22910 & 22660 in extension.

Alternative scenario:

Above 23260 look for further upside with 23510 & 23780 as targets.

Comment:

The RSI shows downside momentum.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: towards 6319.

Pivot:

6415

Our preference:

Short positions below 6415 with targets at 6319 & 6260 in extension.

Alternative scenario:

Above 6415 look for further upside with 6465 & 6490 as targets.

Comment:

The RSI is below its neutrality area at 50%