Friday Market Recap: The Week's Defining Moves

MARKET ANALYSIS

USDJPY

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

Pivot:

155.90

Our preference:

Short positions below 155.90 with targets at 155.20 & 154.90 in extension.

Alternative scenario:

Above 155.90 look for further upside with 156.20 & 156.50 as targets.

Comment:

As long as 155.90 is resistance, expect a return to 155.20.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:

1.1700

Our preference:

Long positions above 1.1700 with targets at 1.1765 & 1.1785 in extension.

Alternative scenario:

Below 1.1700 look for further downside with 1.1680 & 1.1660 as targets.

Comment:

The next resistances are at 1.1765 and then at 1.1785.

GBPUSD

GBP/USD Intraday: bullish bias above 1.3360.

Pivot:

1.3360

Our preference:

Long positions above 1.3360 with targets at 1.3435 & 1.3450 in extension.

Alternative scenario:

Below 1.3360 look for further downside with 1.3340 & 1.3320 as targets.

Comment:

A support base at 1.3360 has formed and has allowed for a temporary stabilisation.

GOLD

Gold Intraday: further advance.

Pivot:

4245

Our preference:

Long positions above 4245 with targets at 4310 & 4330 in extension.

Alternative scenario:

Below 4245 look for further downside with 4230 & 4204 as targets.

Comment:

The break above 4245 is a positive signal that has opened a path to 4310.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (F6)‎ Intraday: rebound expected.

Pivot:

57.45

Our preference:

Long positions above 57.45 with targets at 58.15 & 58.65 in extension.

Alternative scenario:

Below 57.45 look for further downside with 57.10 & 56.70 as targets.

Comment:

The RSI is bullish and calls for further upside.

DOW JONES (CME)

Dow Jones (CME)‎ (Z5)‎ Intraday: 49140 expected.

Pivot:

48430

Our preference:

Long positions above 48430 with targets at 49140 & 49350 in extension.

Alternative scenario:

Below 48430 look for further downside with 48200 & 47860 as targets.

Comment:

The immediate trend remains up and the momentum is strong.

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: bullish bias above 6882.

Pivot:

6882

Our preference:

Long positions above 6882 with targets at 6945 & 6970 in extension.

Alternative scenario:

Below 6882 look for further downside with 6860 & 6838 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: bullish bias above 25550.

Pivot:

25550

Our preference:

Long positions above 25550 with targets at 25870 & 26030 in extension.

Alternative scenario:

Below 25550 look for further downside with 25380 & 25210 as targets.

Comment:

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