The Daily Download: Market Insights

Market Analysis

GBPUSD

GBP/USD Intraday: under pressure.

Pivot:1.3100

Our preference:

Short positions below 1.3100 with targets at 1.3030 & 1.3000 in extension.

Alternative scenario:

Above 1.3100 look for further upside with 1.3130 & 1.3155 as targets.

Comment:

The RSI is bearish and calls for further decline.

USDJPY

USD/JPY Intraday: further advance.

Pivot:156.20

Our preference:

Long positions above 156.20 with targets at 157.50 & 158.00 in extension.

Alternative scenario:

Below 156.20 look for further downside with 155.70 & 155.20 as targets.

Comment:

The RSI is bullish and calls for further upside.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:1.1565

Our preference:

Short positions below 1.1565 with targets at 1.1515 & 1.1495 in extension.

Alternative scenario:

Above 1.1565 look for further upside with 1.1585 & 1.1605 as targets.

Comment:

The RSI is below its neutrality area at 50%

CRUDE OIL (WTI)

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

Pivot:58.90

Our preference:

Long positions above 58.90 with targets at 59.80 & 60.20 in extension.

Alternative scenario:

Below 58.90 look for further downside with 58.50 & 58.10 as targets.

Comment:

The RSI is below its neutrality area at 50% but reversing up.

GOLD

Gold Intraday: aim @ 4050.

Pivot:4105

Our preference:

Short positions below 4105 with targets at 4050 & 4030 in extension.

Alternative scenario:

Above 4105 look for further upside with 4130 & 4145 as targets.

Comment:

As long as 4105 is resistance, look for choppy price action with a bearish bias.

DOW JONES (CME)

Dow Jones (CME)‎ (Z5)‎ Intraday: caution.

Pivot:46570

Our preference:

Short positions below 46570 with targets at 45970 & 45650 in extension.

Alternative scenario:

Above 46570 look for further upside with 46930 & 47400 as targets.

Comment:

The index currently faces a challenging resistance area at 46570.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: expect 25360.

Pivot:24580

Our preference:

Long positions above 24580 with targets at 25140 & 25360 in extension.

Alternative scenario:

Below 24580 look for further downside with 24440 & 24270 as targets.

Comment:

The RSI advocates for further advance.

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: expect 6770.

Pivot:6645

Our preference:

Long positions above 6645 with targets at 6732 & 6770 in extension.

Alternative scenario:

Below 6645 look for further downside with 6610 & 6590 as targets.

Comment:

The next resistances are at 6732 and then at 6770.