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DAILY MARKET NEWSLETTER 17/04/2024

2024-04-17 09:00

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

Crude Oil (WTI)‎ (K4)‎ Intraday: bullish bias above 84.80.

Pivot:

84.80

Our preference:

Long positions above 84.80 with targets at 86.10 & 86.60 in extension.

Alternative scenario:

Below 84.80 look for further downside with 84.20 & 83.60 as targets.

Comment:

The RSI calls for a rebound.

Bitcoin / Dollar intraday: rebound towards 65670

Our pivot point is at 61530.

Our preference:

Rebound towards 65670.

Alternative scenario:

The downside breakout of 61530 would call for 60040 and 59150.

Comment:

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (62642) but under its 50 period moving average (62963).

GBP/USD Intraday: key resistance at 1.2470.

Pivot:

1.2470

Our preference:

Short positions below 1.2470 with targets at 1.2400 & 1.2375 in extension.

Alternative scenario:

Above 1.2470 look for further upside with 1.2495 & 1.2520 as targets.

Comment:

As long as 1.2470 is resistance, look for choppy price action with a bearish bias.

EUR/USD Intraday: under pressure.

Pivot:

1.0650

Our preference:

Short positions below 1.0650 with targets at 1.0600 & 1.0585 in extension.

Alternative scenario:

Above 1.0650 look for further upside with 1.0665 & 1.0680 as targets.

Comment:

As long as the resistance at 1.0650 is not surpassed, the risk of the break below 1.0600 remains high.

Nasdaq 100 (CME)‎ (M4)‎ Intraday: the downside prevails.

Pivot:

18000.00

Our preference:

Short positions below 18000.00 with targets at 17780.00 & 17700.00 in extension.

Alternative scenario:

Above 18000.00 look for further upside with 18120.00 & 18240.00 as targets.

Comment:

As long as 18000.00 is resistance, look for choppy price action with a bearish bias.

Ether / Dollar intraday: rebound towards 3206

Our pivot point stands at 2997.

Our preference:

Rebound towards 3206.

Alternative scenario:

Below 2997, expect 2919 and 2873.

Comment:

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (3058) but under its 50 period moving average (3074).