The euro-dollar is trying to move again towards 1.10 already approached yesterday. Is this the right time for an upward breach of this threshold?
For the euro-dollar we report a support at 1.091 / 1.09 and a resistance on yesterday’s highs in the 1.098 area.
In case of violation of this obstacle the attention will shift to the next obstacle at 1.109 / 1.11.
Warning signs in the event of returns below the 1.09 area, a prelude to a decline in the euro-dollar towards 1.082 before and 1.08 / 1.078 afterwards.
The 1.09 threshold is undoubtedly an intermediate level since it is at 50% of the extremes of the congestion that is affecting the euro-dollar between 1.08 and 1.10.
It must be said that the cross created enough support valid in area 1.08 and as long as it remains above this threshold there will be conditions for further extensions towards area 1.10 before and 1.11 afterwards .
It should be noted that before the last rise, the euro-dollar gave rise to a congestion that gave greater support to the 1.08 area support, which is why I currently have a bullish view.
Gold travels in the $ 1,750 area. Will we have further extensions from current levels?
Gold could widen the rise as it is above the highs of May 14th and this means that an extension may be attempted.
To confirm the possibility of new increases in gold, it will be necessary to wait for the highs of two days ago to be exceeded in the area of $ 1,765.
Above this level, gold will point to at least $ 1,800, while in the event of falls below $ 1,747-1,746, support will be sought primarily in the 1,723 area.
Any abandonment of this threshold will cause hopes of new recoveries to be lost at least in the immediate future and at that point there could be a drop in gold towards the $ 1,700 first and the $ 1,685 / 1,683 thereafter.
Oil continues to rise and is now aiming for the $ 33 area. Is the movement in progress destined to continue?
Oil must not drop below $ 29.7 / 29.5 at all in order not to question the upward trend underway.
The level just indicated is an important support that must be maintained to guarantee further ascents of the courses.
As long as oil travels above $ 29.5, one can think of a closure of the gap left open on March 9 in the $ 41.45 area.
Under 29.5 / 29 dollars, however, black gold will risk falling back towards 26/25 dollars per barrel.
In light of what has been said so far, what indications can you give us for the stock exchanges?
The European stock exchanges attempted to rise with the extension of Wall Street, but remained further behind.
At the moment the only index that is performing really well is the Nasdaq Composite but in general the US equity is doing better than the European one.
If the stars and stripes indices go to set new highs, they will also likely drag European lists.
The least hopeful is the Nasdaq Composite which has risen a lot and is therefore more exposed to the risk of a reversal.
Should this scenario materialize, the negative repercussions would also have on the other indices.
In summary, there are still the conditions to be able to witness further climbs in the short term, but at the same time some alarm bells cannot be ignored.