Daily Forecast: Currencies, Commodities, and Influential Factors

Market Analysis

USDJPY

USD/JPY Intraday: capped by a negative trend line.

Pivot:157.15

Our preference:

Short positions below 157.15 with targets at 156.00 & 155.65 in extension.

Alternative scenario:

Above 157.15 look for further upside with 157.50 & 157.85 as targets.

Comment:

As long as 157.15 is resistance, expect a return to 156.00.

EURUSD

EUR/USD Intraday: under pressure.

Pivot:1.1545

Our preference:

Short positions below 1.1545 with targets at 1.1485 & 1.1465 in extension.

Alternative scenario:

Above 1.1545 look for further upside with 1.1570 & 1.1590 as targets.

Comment:

As long as 1.1545 is resistance, likely decline to 1.1485.

GBPUSD

GBP/USD Intraday: the bias remains bullish.

Pivot:1.3060

Our preference:

Long positions above 1.3060 with targets at 1.3125 & 1.3150 in extension.

Alternative scenario:

Below 1.3060 look for further downside with 1.3035 & 1.3010 as targets.

Comment:

The break above 1.3060 is a positive signal that has opened a path to 1.3125.

CRUDE OIL (WTI)

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

Pivot:58.55

Our preference:

Short positions below 58.55 with targets at 57.35 & 56.60 in extension.

Alternative scenario:

Above 58.55 look for further upside with 59.10 & 59.60 as targets.

Comment:

As long as the resistance at 58.55 is not surpassed, the risk of the break below 57.35 remains high.

GOLD

Gold Intraday: intraday support around 4036.

Pivot:4036

Our preference:

Long positions above 4036 with targets at 4089 & 4101 in extension.

Alternative scenario:

Below 4036 look for further downside with 4022 & 4000 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: the bias remains bullish.

Pivot:24220

Our preference:

Long positions above 24220 with targets at 24780 & 25030 in extension.

Alternative scenario:

Below 24220 look for further downside with 23910 & 23780 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: towards 6725.

Pivot:6590

Our preference:

Long positions above 6590 with targets at 6695 & 6725 in extension.

Alternative scenario:

Below 6590 look for further downside with 6525 & 6480 as targets.

Comment:

The RSI advocates for further advance.

Dow Jones (CME)‎

Dow Jones (CME)‎ (Z5)‎ Intraday: bullish bias above 46140.

Pivot:46140

Our preference:

Long positions above 46140 with targets at 46740 & 46910 in extension.

Alternative scenario:

Below 46140 look for further downside with 45820 & 45650 as targets.

Comment:

The RSI calls for a bounce.