Market Momentum in Late March

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the downside prevails.

Pivot:158.85

Our preference:

Short positions below 158.85 with targets at 158.00 & 157.50 in extension.

Alternative scenario:

Above 158.85 look for further upside with 159.30 & 159.65 as targets.

Comment:

The RSI calls for a new downleg.

EURUSD

EUR/USD Intraday: bullish bias above 1.1570.

Pivot:1.1570

Our preference:

Long positions above 1.1570 with targets at 1.1640 & 1.1680 in extension.

Alternative scenario:

Below 1.1570 look for further downside with 1.1530 & 1.1485 as targets.

Comment:

The RSI is above its neutrality area at 50%.

GBPUSD

GBP/USD Intraday: the bias remains bullish.

Pivot:1.3365

Our preference:

Long positions above 1.3365 with targets at 1.3480 & 1.3520 in extension.

Alternative scenario:

Below 1.3365 look for further downside with 1.3305 & 1.3255 as targets.

Comment:

The RSI lacks downward momentum.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: key resistance at 92.60.

Pivot:92.60

Our preference:

Short positions below 92.60 with targets at 84.40 & 81.30 in extension.

Alternative scenario:

Above 92.60 look for further upside with 95.00 & 99.40 as targets.

Comment:

The RSI is below its neutrality area at 50%

GOLD

Gold Intraday: rebound.

Pivot:4325

Our preference:

Long positions above 4325 with targets at 4510 & 4605 in extension.

Alternative scenario:

Below 4325 look for further downside with 4240 & 4100 as targets.

Comment:

The RSI calls for a bounce.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: towards 24940.

Pivot:24330

Our preference:

Long positions above 24330 with targets at 24940 & 25190 in extension.

Alternative scenario:

Below 24330 look for further downside with 24050 & 23770 as targets.

Comment:

The next resistances are at 24940 and then at 25190.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: towards 6785.

Pivot:6610

Our preference:

Long positions above 6610 with targets at 6785 & 6880 in extension.

Alternative scenario:

Below 6610 look for further downside with 6550 & 6485 as targets.

Comment:

The next resistances are at 6785 and then at 6880.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: aim @ 47510.

Pivot:46310

Our preference:

Long positions above 46310 with targets at 47510 & 47770 in extension.

Alternative scenario:

Below 46310 look for further downside with 45950 & 45450 as targets.

Comment:

The RSI is around its neutrality area at 50%