Tuesday, March 31, 2020 marketupdate@ICMCapital.co.uk
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Forex Last %1D %YTD
EUR/USD 1.0966 -0.74 -2.20
USD/JPY 108.51 0.64 -0.10
GBP/USD 1.2341 -0.59 -6.90
Commodities Last %1D %YTD
Gold 1,600.5400 -1.35 5.50
Silver 13.8724 -1.26 -22.30
Crude Oil 21.3000 6.02 -64.50
EUR/USD Intraday: the downside prevails. Next
Pivot: 1.1010

Our preference: short positions below 1.1010 with targets at 1.0920 & 1.0870 in extension.

Alternative scenario: above 1.1010 look for further upside with 1.1060 & 1.1105 as targets.

Comment: the RSI shows downside 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
EUR/JPY intraday: the downside prevails as long as 119.64 is resistance Previous  | Next
Our pivot point stands at 119.64.

Our preference: the downside prevails as long as 119.64 is resistance.

Alternative scenario: the upside breakout of 119.64, would call for 120.31 and 120.71.

Comment: the RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 119.31 and 119.21).

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 upside prevails. Previous  | Next
Pivot: 1.2310

Our preference: long positions above 1.2310 with targets at 1.2480 & 1.2555 in extension.

Alternative scenario: below 1.2310 look for further downside with 1.2200 & 1.2140 as targets.

Comment: the RSI shows upside 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
GBP/JPY intraday: the upside prevails as long as 132.90 is support Previous  | Next
Our pivot point stands at 132.90.

Our preference: the upside prevails as long as 132.90 is support.

Alternative scenario: below 132.90, expect 131.79 and 131.14.

Comment: the RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 133.70 and 133.76).

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. Previous  | Next
Pivot: 108.05

Our preference: long positions above 108.05 with targets at 108.70 & 109.05 in extension.

Alternative scenario: below 108.05 look for further downside with 107.60 & 107.10 as targets.

Comment: the RSI lacks downward 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
USD/CAD Intraday: the bias remains bullish. Previous  | Next
Pivot: 1.4170

Our preference: long positions above 1.4170 with targets at 1.4330 & 1.4420 in extension.

Alternative scenario: below 1.4170 look for further downside with 1.4130 & 1.4075 as targets.

Comment: the RSI lacks downward 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
Crude Oil (WTI) (K0) Intraday: turning down. Previous  | Next
Pivot: 21.20

Our preference: short positions below 21.20 with targets at 19.90 & 19.25 in extension.

Alternative scenario: above 21.20 look for further upside with 21.90 & 22.60 as targets.

Comment: the RSI shows downside 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
Brent (ICE) (M0) Intraday: aim @ 25.30. Previous  | Next
Pivot: 27.00

Our preference: short positions below 27.00 with targets at 25.30 & 24.90 in extension.

Alternative scenario: above 27.00 look for further upside with 27.90 & 28.80 as targets.

Comment: the RSI advocates for further downside.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Dow Jones (CME) (M0) Intraday: bullish bias above 21800.00. Previous  | Next
Pivot: 21800.00

Our preference: long positions above 21800.00 with targets at 22540.00 & 23100.00 in extension.

Alternative scenario: below 21800.00 look for further downside with 21150.00 & 20780.00 as targets.

Comment: the RSI is mixed with a bullish 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
Gold spot Intraday: under pressure. Previous 
Pivot: 1619.50

Our preference: short positions below 1619.50 with targets at 1593.75 & 1585.25 in extension.

Alternative scenario: above 1619.50 look for further upside with 1627.00 & 1637.00 as targets.

Comment: the RSI is mixed 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

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