Daily Forex Insights: Morning Brief

Market Analysis

GBPUSD

GBP/USD Intraday: rebound.

Pivot:1.3285

Our preference:

Long positions above 1.3285 with targets at 1.3340 & 1.3360 in extension.

Alternative scenario:

Below 1.3285 look for further downside with 1.3265 & 1.3245 as targets.

Comment:

The RSI advocates for further advance.

USDJPY

USD/JPY Intraday: the upside prevails.

Pivot:152.65

Our preference:

Long positions above 152.65 with targets at 153.25 & 153.60 in extension.

Alternative scenario:

Below 152.65 look for further downside with 152.30 & 152.00 as targets.

Comment:

The RSI is bullish and calls for further upside.

EURUSD

EUR/USD Intraday: bullish bias above 1.1600.

Pivot:1.1600

Our preference:

Long positions above 1.1600 with targets at 1.1645 & 1.1665 in extension.

Alternative scenario:

Below 1.1600 look for further downside with 1.1580 & 1.1565 as targets.

Comment:

The RSI calls for a bounce.

CRUDE OIL

Crude Oil (WTI)‎ (Z5)‎ Intraday: 62.95 expected.

Pivot:61.40

Our preference:

Long positions above 61.40 with targets at 62.55 & 62.95 in extension.

Alternative scenario:

Below 61.40 look for further downside with 60.85 & 60.40 as targets.

Comment:

The RSI is bullish and calls for further advance.

GOLD

Gold Intraday: choppy.

Pivot:4137.00

Our preference:

Short positions below 4137.00 with targets at 4045.00 & 4010.00 in extension.

Alternative scenario:

Above 4137.00 look for further upside with 4160.00 & 4215.00 as targets.

Comment:

As long as 4137.00 is resistance, look for choppy price action with a bearish bias.

DOW JONES (CME)

Dow Jones (CME)‎ (Z5)‎ Intraday: the upside prevails.

Pivot:47370.00

Our preference:

Long positions above 47370.00 with targets at 47890.00 & 48120.00 in extension.

Alternative scenario:

Below 47370.00 look for further downside with 47200.00 & 47020.00 as targets.

Comment:

The RSI shows upside momentum.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: the upside prevails.

Pivot:25500.00

Our preference:

Long positions above 25500.00 with targets at 25900.00 & 26040.00 in extension.

Alternative scenario:

Below 25500.00 look for further downside with 25360.00 & 25200.00 as targets.

Comment:

The immediate trend remains up and the momentum is strong.

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: further upside.

Pivot:6824.00

Our preference:

Long positions above 6824.00 with targets at 6900.00 & 6959.00 in extension.

Alternative scenario:

Below 6824.00 look for further downside with 6790.00 & 6764.00 as targets.

Comment:

The RSI shows upside momentum.