Daily Technical Strategies (2016.03.07)

Daily Technical Strategies (2016.03.07)

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

FTSE 100 (NYSE Liffe) (H6) Intraday: intraday support around 6135.00.

Pivot: 6135.00

Our preference: long positions above 6135.00 with targets @ 6210.00 & 6230.00 in extension.

Alternative scenario: below 6135.00 look for further downside with 6095.00 & 6070.00 as targets.

Comment: investors have to remain cautious since these levels may trigger profit taking.

Dax (Eurex) (H6) Intraday: bullish bias above 9735.00.

Pivot: 9735.00

Our preference: long positions above 9735.00 with targets @ 9915.00 & 10010.00 in extension.

Alternative scenario: below 9735.00 look for further downside with 9580.00 & 9485.00 as targets.

Comment: the RSI lacks downward momentum.

Dow Jones (CME) (H6) Intraday: bullish bias above 16870.00.

Pivot: 16870.00

Our preference: long positions above 16870.00 with targets @ 17090.00 & 17150.00 in extension.

Alternative scenario: below 16870.00 look for further downside with 16800.00 & 16750.00 as targets.

Comment: the RSI is bullish and calls for further upside. We close our long position as the technical configuration shows signs of breathlessness. Average exit price: 16977.

EUR/USD Intraday: the upside prevails.

Pivot: 1.0955

Our preference: long positions above 1.0955 with targets @ 1.1040 & 1.1070 in extension.

Alternative scenario: below 1.0955 look for further downside with 1.0925 & 1.0890 as targets.

Comment: the RSI is mixed to bullish.