Sample Category Title
Euro Muted To German Industrial Production
Industrial production in Germany grew at a pace of 0.5% on the month in March. This beat estimates of a 0.5% decline for the same period. Data for February was revised lower from 0.7% initially to 0.4%. ECB President Mario Draghi also gave a speech where he said that the central bank "will not accept" defeat on the inflation target.
No Respite to the EURUSD Sideways Range
The common currency continues to trade flat within the levels of 1.1140 and 1.1226. As long as price maintains this range, we expect to see no major shifts to the currency pair. The bias could, however, tip to the upside if we see a breakout above 1.1126. To the downside, price continues to trade near the previous lows and unless the euro breaks down below 1.1140 further declines are unlikely in the near term.
Crude Oil Caution
Pivot (invalidation): 61.35
Our preference Long positions above 61.35 with targets at 61.90 & 62.35 in extension.
Alternative scenario Below 61.35 look for further downside with 61.10 & 60.65 as targets.
Comment The RSI is mixed and calls for caution.
Silver Spot The Downside Prevails
Pivot (invalidation): 14.9000
Our preference Short positions below 14.9000 with targets at 14.7300 & 14.6400 in extension.
Alternative scenario Above 14.9000 look for further upside with 14.9500 & 15.0100 as targets.
Comment The RSI is bearish and calls for further downside.
Gold Spot Under Pressure
Pivot (invalidation): 1285.00
Our preference Short positions below 1285.00 with targets at 1276.50 & 1272.50 in extension.
Alternative scenario Above 1285.00 look for further upside with 1288.00 & 1291.50 as targets.
Comment The RSI is bearish and calls for further downside.
S&P 500 The Bias Remains Bullish
Pivot (invalidation): 2870.50
Our preference Long positions above 2870.50 with targets at 2902.25 & 2913.00 in extension.
Alternative scenario Below 2870.50 look for further downside with 2862.25 & 2848.50 as targets.
Comment The RSI is mixed to bullish.
DAX Rebound Expected
Pivot (invalidation): 12070.00
Our preference Long positions above 12070.00 with targets at 12254.00 & 12315.00 in extension.
Alternative scenario Below 12070.00 look for further downside with 12000.00 & 11900.00 as targets.
Comment The RSI calls for a rebound.
USD/TRY Caution
Pivot (invalidation): 6.1500
Our preference Long positions above 6.1500 with targets at 6.1800 & 6.2000 in extension.
Alternative scenario Below 6.1500 look for further downside with 6.1300 & 6.1160 as targets.
Comment Intraday technical indicators are mixed and call for caution.
AUD/USD Towards 0.6945
Pivot (invalidation): 0.6995
Our preference Short positions below 0.6995 with targets at 0.6960 & 0.6945 in extension.
Alternative scenario Above 0.6995 look for further upside with 0.7010 & 0.7025 as targets.
Comment The RSI advocates for further downside.
USD/CAD Turning Up
Pivot (invalidation): 1.3460
Our preference Long positions above 1.3460 with targets at 1.3495 & 1.3510 in extension.
Alternative scenario Below 1.3460 look for further downside with 1.3445 & 1.3425 as targets.
Comment The RSI calls for a new upleg.
USD/CHF Look For 1.0245
Pivot (invalidation): 1.0190
Our preference Long positions above 1.0190 with targets at 1.0225 & 1.0245 in extension.
Alternative scenario Below 1.0190 look for further downside with 1.0165 & 1.0145 as targets.
Comment The RSI lacks downward momentum.
