EUROPEAN MARKETS NEWS REPORT 16 March 2016
16/03/2016
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Technical Analysis Newsletter Wednesday, March 16, 2016

Published today at 09:30AM

 

EUR/USD Intraday: range.
Pivot: 1.1135

Our preference: short positions below 1.1135 with targets @ 1.1070 & 1.1030 in extension.

Alternative scenario: above 1.1135 look for further upside with 1.1165 & 1.1220 as targets.

Comment: technically the RSI is below its neutrality area at 50.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

GBP/USD Intraday: the downside prevails.
Pivot: 1.4200

Our preference: short positions below 1.4200 with targets @ 1.4025 & 1.3985 in extension.

Alternative scenario: above 1.4200 look for further upside with 1.4250 & 1.4290 as targets.

Comment: the RSI is badly directed.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

USD/JPY Intraday: the upside prevails.
Pivot: 112.95

Our preference: long positions above 112.95 with targets @ 113.70 & 114.15 in extension.

Alternative scenario: below 112.95 look for further downside with 112.60 & 112.15 as targets.

Comment: the RSI is well directed.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

AUD/USD Intraday: the downside prevails.
Pivot: 0.7500

Our preference: short positions below 0.7500 with targets @ 0.7425 & 0.7405 in extension.

Alternative scenario: above 0.7500 look for further upside with 0.7530 & 0.7555 as targets.

Comment: as long as 0.7500 is resistance, look for choppy price action with a bearish bias.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

NZD/USD Intraday: the downside prevails.
Pivot: 0.6660

Our preference: short positions below 0.6660 with targets @ 0.6570 & 0.6540 in extension.

Alternative scenario: above 0.6660 look for further upside with 0.6705 & 0.6730 as targets.

Comment: the RSI lacks upward momentum.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

S&P 500 (CME) (M6) Intraday: intraday support around 1994.00.
Pivot: 1994.00

Our preference: long positions above 1994.00 with targets @ 2015.00 & 2028.00 in extension.

Alternative scenario: below 1994.00 look for further downside with 1979.00 & 1958.00 as targets.

Comment: a support base at 1994.00 has formed and has allowed for a temporary stabilisation.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Gold spot Intraday: key resistance at 1238.00.
Pivot: 1238.00

Our preference: short positions below 1238.00 with targets @ 1225.00 & 1215.00 in extension.

Alternative scenario: above 1238.00 look for further upside with 1248.00 & 1259.00 as targets.

Comment: the upward potential is likely to be limited by the resistance at 1238.00.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Crude Oil (WTI) (J6) Intraday: the downside prevails.
Pivot: 37.45

Our preference: short positions below 37.45 with targets @ 35.93 & 35.33 in extension.

Alternative scenario: above 37.45 look for further upside with 38.22 & 38.90 as targets.

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

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

 

 

 

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