Momentum Tuesday: Discover Emerging Strength

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: further advance.

Pivot:

155.40

Our preference:

Long positions above 155.40 with targets at 156.30 & 156.60 in extension.

Alternative scenario:

Below 155.40 look for further downside with 155.15 & 154.85 as targets.

Comment:

The RSI is bullish and calls for further upside.

EURUSD

EUR/USD Intraday: watch 1.1625.

Pivot:

1.1655

Our preference:

Short positions below 1.1655 with targets at 1.1625 & 1.1615 in extension.

Alternative scenario:

Above 1.1655 look for further upside with 1.1670 & 1.1680 as targets.

Comment:

A break below 1.1625 would trigger a drop towards 1.1615.

GBPUSD

GBP/USD Intraday: towards 1.3300.

Pivot:

1.3345

Our preference:

Short positions below 1.3345 with targets at 1.3300 & 1.3280 in extension.

Alternative scenario:

Above 1.3345 look for further upside with 1.3360 & 1.3380 as targets.

Comment:

A break below 1.3300 would trigger a drop towards 1.3280.

GOLD

Gold Intraday: under pressure.

Pivot:

4209

Our preference:

Short positions below 4209 with targets at 4173 & 4160 in extension.

Alternative scenario:

Above 4209 look for further upside with 4220 & 4230 as targets.

Comment:

Technically the RSI is below its neutrality area at 50.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (F6)‎ Intraday: towards 58.30.

Pivot:

59.45

Our preference:

Short positions below 59.45 with targets at 58.30 & 58.00 in extension.

Alternative scenario:

Above 59.45 look for further upside with 59.90 & 60.30 as targets.

Comment:

The RSI shows downside momentum.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: towards 25865.

Pivot:

25570

Our preference:

Long positions above 25570 with targets at 25760 & 25865 in extension.

Alternative scenario:

Below 25570 look for further downside with 25490 & 25430 as targets.

Comment:

The RSI calls for a new upleg.

S&P 500 (CME)

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

Pivot:

6835

Our preference:

Long positions above 6835 with targets at 6881 & 6893 in extension.

Alternative scenario:

Below 6835 look for further downside with 6828 & 6818 as targets.

Comment:

The RSI calls for a bounce.

DOW JONES

Dow Jones (CME)‎ (Z5)‎ Intraday: watch 47980.

Pivot:

47665

Our preference:

Long positions above 47665 with targets at 47980 & 48180 in extension.

Alternative scenario:

Below 47665 look for further downside with 47570 & 47430 as targets.

Comment:

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