Daily Technical Strategies(2016.02.29)

Daily Technical Strategies(2016.02.29)

Source: ETX Capital (Review and Forex Rebates Up to 85%)

FTSE 100 (NYSE Liffe) (H6) Intraday: consolidation in place.

Pivot: 5953.00

Our preference: long positions above 5953.00 with targets @ 6100.00 & 6120.00 in extension.

Alternative scenario: below 5953.00 look for further downside with 5885.00 & 5815.00 as targets.

Comment: intraday technical indicators are mixed.

Dax (Eurex) (H6) Intraday: bullish bias above 9370.00.

Pivot: 9370.00

Our preference: long positions above 9370.00 with targets @ 9585.00 & 9720.00 in extension.

Alternative scenario: below 9370.00 look for further downside with 9270.00 & 9120.00 as targets.

Comment: the RSI lacks downward momentum.

Dow Jones (CME) (H6) Intraday: intraday support around 16425.00.

Pivot: 16425.00

Our preference: long positions above 16425.00 with targets @ 16680.00 & 16820.00 in extension.

Alternative scenario: below 16425.00 look for further downside with 16250.00 & 16140.00 as targets.

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

EUR/USD Intraday: the downside prevails.

Pivot: 1.1000

Our preference: short positions below 1.1000 with targets @ 1.0900 & 1.0860 in extension.

Alternative scenario: above 1.1000 look for further upside with 1.1030 & 1.1070 as targets.

Comment: the RSI lacks upward momentum.