The euro-dollar has retraced about one and a half figures from the top touched recently near area 1.14. Do you expect further falls in the short term?
If you look at the dollar, you notice that it has weakened from before not only against the euro, but also against all currencies, in the sense that the dollar index has fallen.
In the last 3-4 days, the greenback has recovered somewhat and this can be seen both vis-à-vis the euro, the pound and other currencies.
There is therefore a counter-trend of the dollar now, but it is not easy to say how long it will last.
As for the euro-dollar, it may be that the upward target remains at 1.15, while downwards it could move towards the support range that previously worked as resistance in the 1.10 area.
Oil is losing ground after failing the $ 40 attack. Will the descent continue from current values?
For oil we have seen the 40 dollar test which now remains the resistance force, the holding of which has triggered profit taking.
Black gold started to fall and now we are just under $ 36: it will be important to see now how oil will react.
We have to keep in mind that around the current values we have few supports because the upward movement was very fast.
In the 35-34 dollar area we find a support band, a route which will drop oil first towards 29.5 dollars and then towards 27 and 25 dollars.
These are the key supports for black gold which is unlikely to return above $ 40 in the short term, but let’s not forget that it has often surprised us in the past.
Gold remains above $ 1,700, but is struggling to stretch the pace for now. What is your view on this asset?
The movement of gold continues to develop inside a box, of which the area of $ 1,770 is the high part, while the low part is at $ 1,670.
There are also intermediate levels, but at least for now gold continues to go back and forth between the indicated price thresholds.
Until gold is out of the $ 1,670 to $ 1,770 range, there will be no trend predicted.
It is still interesting to look at the Silver which has returned again to the first support in the 17.3 dollar area.
This level could also give way and if this happens, the prices will drop to 16 dollars, where silver would be extremely interesting.
In light of the intermarket picture just outlined, what indications can you give us for the stock exchanges?
Looking at the main stock market indices, on Wall Street we saw the Nasdaq Composite rise to 10,000 points.
From this level the index is going back and now the first support is in the 9.100 area, while the S & P500 reports the 2.965 points.
The movement in progress seems to be the result of a lack of buyers, who had previously supported the recovery, rather than the arrival of strong sales.
The volumes have not been so strong if we think that Piazza Affari in the past few days has lost almost 5% in a single session.
My feeling is that if the downturn continues, the area of support that the Ftse Mib could work more is that of 17.600 points, but already from 18.000 we are starting to have a series of supports in sequence.
In case of rebounds, Piazza Affari could show some relative strength, but personally I would not make purchases until the Ftse Mib had to return steadily above 19,000 points.
I would like to see an index at least above 19.150 points to buy on a reaction with possibility.
In the short term there is likely to be a continuation of a phase in which the market will try to understand where it is, but as long as the Ftse Mib does not return above 19.150 points it will be good not to position yourself long.
On the downside I would expect that between 18,000 and 17,600 points the index, if it gets there, will find a lash and react.