Session Ahead: Forex Ranges, Indices Momentum, Gold Breakout Potential

Market Analysis

GBP/USD

GBP/USD Intraday: bullish bias above 1.3180.

Pivot:

1.3180

Our preference:

Long positions above 1.3180 with targets at 1.3235 & 1.3255 in extension.

Alternative scenario:

Below 1.3180 look for further downside with 1.3160 & 1.3140 as targets.

Comment:

A support base at 1.3180 has formed and has allowed for a temporary stabilisation.

USD/JPY

USD/JPY Intraday: consolidation.

Pivot:

156.15

Our preference:

Short positions below 156.15 with targets at 155.60 & 155.40 in extension.

Alternative scenario:

Above 156.15 look for further upside with 156.40 & 156.70 as targets.

Comment:

As long as 156.15 is resistance, look for choppy price action with a bearish bias.

EUR/USD

EUR/USD Intraday: towards 1.1650.

Pivot:

1.1605

Our preference:

Long positions above 1.1605 with targets at 1.1635 & 1.1650 in extension.

Alternative scenario:

Below 1.1605 look for further downside with 1.1590 & 1.1575 as targets.

Comment:

The RSI advocates for further upside.

Crude Oil (WTI)‎

Crude Oil (WTI)‎ (F6)‎ Intraday: target 58.25.

Pivot:

59.10

Our preference:

Short positions below 59.10 with targets at 58.25 & 57.85 in extension.

Alternative scenario:

Above 59.10 look for further upside with 59.35 & 59.60 as targets.

Comment:

A break below 58.25 would trigger a drop towards 57.85.

GOLD

Gold Intraday: bounce.

Pivot:

4180

Our preference:

Long positions above 4180 with targets at 4225 & 4243 in extension.

Alternative scenario:

Below 4180 look for further downside with 4160 & 4143 as targets.

Comment:

The RSI is mixed to bullish.

DOW JONES (CME)

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

Pivot:

47400

Our preference:

Long positions above 47400 with targets at 47700 & 47800 in extension.

Alternative scenario:

Below 47400 look for further downside with 47270 & 47130 as targets.

Comment:

The RSI calls for a bounce.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: target 25900.

Pivot:

25500

Our preference:

Long positions above 25500 with targets at 25760 & 25900 in extension.

Alternative scenario:

Below 25500 look for further downside with 25440 & 25330 as targets.

Comment:

The RSI advocates for further upside.

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: rebound expected.

Pivot:

6820

Our preference:

Long positions above 6820 with targets at 6864 & 6890 in extension.

Alternative scenario:

Below 6820 look for further downside with 6804 & 6790 as targets.

Comment:

The RSI advocates for further upside.