The euro-dollar is up China today and is slightly above 1.12. Has the drop from 1.14 ended or are you expecting further drops?
In my view, the decline in the euro-dollar could also extend further in the short term.
It is not excluded that the prices will still drop towards the first support in the 1.115 area which would therefore be the target of the correction started from the recent top.
Below the 1.115 area for the euro-dollar, I report another support at 1.10, while as resistance we indicate the 1.14 area first and 1.15 below.
I would not be in a hurry to buy the euro-dollar now, preferring to wait rather for a further drop in prices to the area of 1.115 indicated above.
Gold is recovering ground, even if it is already slowing down from the top of the last few hours. What can you tell us about this asset?
Gold tested the strong resistance of the $ 1,775, with a top this night at $ 1,776.7.
From this high, prices are going back a bit, but sooner or later gold will have to break this congestion upwards.
If today’s candle were to close around current values, which is $ 1,758, then it would be yet another denial of the attempt to rise.
Only if the $ 1,775 is exceeded will there be a long signal with the first target of $ 1,800.
On the downside for gold, the key threshold is at $ 1,675, signaling intermediate levels such as the $ 1,720 area.
My idea is that if the gold goes back again, it will continue to fall back and will also challenge the hold of the $ 1,675 support in the area.
I would like to point out that silver has characteristics very similar to gold, it has a nice graph and if gold should go up then silver could start rising too.
Oil has once again tried to exceed $ 40, currently failing to do so. What are your expectations in the short term?
For oil, a range between 40.5 and 34.5 dollars was defined, respectively short support and resistance.
Above $ 40 / 40.5 there is a broad upward territory, while below $ 34.5 / 34 there is a support area in the range between 29 and 27 dollars.
In the short term I expect a stand-by situation for oil which will tend to remain in the range indicated above.
For now, the supply game ends, which was worth $ 25 in recovery, and the demand game begins.
In the light of the intermarket framework outlined so far, what do you foresee for the stock exchanges in the short term?
For the stock exchanges, I expect a little window dressing for the end of the semester, that is, that the most purchased securities continue to be so until the end of the month, so the funds present a good result to their customers.
Therefore, I expect a fairly stable stock market and that the most purchased titles during the coronavirus crisis, such as Amplifon, Diasorin and Recordati, to name a few in Piazza Affari will return.
My idea is that the Ftse Mib remains in these days between 19.200 and 19.900 points and if it breaks one of these two levels then it can accelerate.