SPX, Gold, Oil And G6 Targets For The Week Of March 18th
The upswing we were expecting last week arrived on cue, and the SPX shot upwards to make a new swing high and close at the upper weekly target.
It also broke above the resistance zone stretching back to October ’18, and regained the 4 x 1 angle:
While this is all very bullish, we shouldn’t ignore the fact that the same breadth oscillator, which was oversold at the end of last week, is getting overbought now, thus signaling that a pause in momentum is to be expected. Something that’s better visible on the SPY daily chart:
Current signals*: Daily Long, Weekly Long
For Weekly Buy/Sell pivots check the TV page which gets updated on Monday.
The projected trading range for next week for SPX remains unchanged at 2750-2880.
Oil resumed its uptrend and reached the upside weekly target. It also broke above $58 which by the end of the week became support.
Current signals: Daily Long, Weekly Long.
The projected trading range for Oil for next week s 55.5 – 60.6:
GOLD’s rebound continued and price reached our upside target on Wednesday. There’s a clear support line in place.
Current signals: Daily Long, Weekly flat.
The projected trading range for Gold for next week is: 1285 – 1320:
USDCHF made a double top and retreated. Parity remains the bullish/bearish pivot going forward.
The projected trading range for USDCHF for next week is 0.996– 1.01:
USDJPY stalled between 110 and 112 and keeps the same weekly targets.
Current signals: Daily Long, Weekly Long.
The projected trading range for USDJPY for next week is 110.25 – 112.55:
EURUSD recovered from the sell-off precipitated by Draghi’s comments, and reached the upside weekly target. EURUSD is showing a well-defined zig-zag pattern of lower highs and lower lows and, as mentioned before, a break below 1.12 could lead to a further 8% decline.
The projected trading range for EURUSD for next week is 1.124 – 1.14:
GBPUSD tested the upside weekly target several times, and until there’s some resolution to the Brexit saga, will remain hostage to the Brexit news flow.
The projected trading range for GBPUSD for next week is 1.31 – 1.34:
USDCAD couldn’t sustain the breakout above the January highs, and dropped to the lower weekly target. The inside weekly candle provides clear bullish/bearish target breakout levels.
The projected trading range for USDCAD for next week is 1.32 – 1.345:
AUDUSD followed through with the modest rebound from last Friday and came close to the upside weekly target.
Current signals: Daily Long, Weekly Flat.
The projected trading range for AUDUSD for next week is 0.695 – 0.7115:
*Please note that the signals are provided for informational purposes only. They are in effect as of the close on Friday and may change as soon as the markets re-open.
Charts, signals and data courtesy of OddsTrader, CIT for TradingView and NinjaTrader 8
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