Daily Market Insights

Market Analysis

GBPUSD

GBP/USD Intraday: choppy.

Pivot:

1.3195

Our preference:

Short positions below 1.3195 with targets at 1.3130 & 1.3105 in extension.

Alternative scenario:

Above 1.3195 look for further upside with 1.3215 & 1.3240 as targets.

Comment:

As long as 1.3195 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD Intraday: watch 1.1580.

Pivot:

1.1650

Our preference:

Short positions below 1.1650 with targets at 1.1605 & 1.1580 in extension.

Alternative scenario:

Above 1.1650 look for further upside with 1.1670 & 1.1690 as targets.

Comment:

As long as the resistance at 1.1650 is not surpassed, the risk of the break below 1.1605 remains high.

USDJPY

USD/JPY Intraday: bullish bias above 154.25.

Pivot:

154.25

Our preference:

Long positions above 154.25 with targets at 154.75 & 155.00 in extension.

Alternative scenario:

Below 154.25 look for further downside with 154.00 & 153.60 as targets.

Comment:

The RSI calls for a bounce.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (F6)‎ Intraday: caution.

Pivot:

59.15

Our preference:

Long positions above 59.15 with targets at 59.90 & 60.45 in extension.

Alternative scenario:

Below 59.15 look for further downside with 58.50 & 58.10 as targets.

Comment:

Investors have to remain cautious since these levels may trigger profit taking.

GOLD

Gold Intraday: key resistance at 4125.

Pivot:

4125

Our preference:

Short positions below 4125 with targets at 4070 & 4035 in extension.

Alternative scenario:

Above 4125 look for further upside with 4150 & 4180 as targets.

Comment:

Technically the RSI is below its neutrality area at 50.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: watch 25500.

Pivot:

25000

Our preference:

Long positions above 25000 with targets at 25340 & 25500 in extension.

Alternative scenario:

Below 25000 look for further downside with 24810 & 24620 as targets.

Comment:

The RSI is mixed and calls for caution.

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: bullish bias above 6735.

Pivot:

6735

Our preference:

Long positions above 6735 with targets at 6800 & 6830 in extension.

Alternative scenario:

Below 6735 look for further downside with 6685 & 6655 as targets.

Comment:

The RSI is around its neutrality area at 50%

DOW JONES (CME)

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

Pivot:

47510

Our preference:

Short positions below 47510 with targets at 46900 & 46570 in extension.

Alternative scenario:

Above 47510 look for further upside with 47870 & 48100 as targets.

Comment:

The immediate trend remains down and the momentum is strong.