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MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 155.50.

Pivot:

155.50

Our preference:

Long positions above 155.50 with targets at 156.15 & 156.50 in extension.

Alternative scenario:

Below 155.50 look for further downside with 155.20 & 154.90 as targets.

Comment:

A support base at 155.50 has formed and has allowed for a temporary stabilisation.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:

1.1715

Our preference:

Long positions above 1.1715 with targets at 1.1750 & 1.1765 in extension.

Alternative scenario:

Below 1.1715 look for further downside with 1.1700 & 1.1680 as targets.

Comment:

The next resistances are at 1.1750 and then at 1.1765.

GBPUSD

GBP/USD Intraday: watch 1.3340.

Pivot:

1.3395

Our preference:

Short positions below 1.3395 with targets at 1.3340 & 1.3320 in extension.

Alternative scenario:

Above 1.3395 look for further upside with 1.3415 & 1.3435 as targets.

Comment:

A break below 1.3340 would trigger a drop towards 1.3320.

GOLD

Gold Intraday: choppy.

Pivot:

4325

Our preference:

Short positions below 4325 with targets at 4278 & 4257 in extension.

Alternative scenario:

Above 4325 look for further upside with 4352 & 4370 as targets.

Comment:

As long as 4325 is resistance, look for choppy price action with a bearish bias.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (F6)‎ Intraday: watch 56.95.

Pivot:

57.55

Our preference:

Short positions below 57.55 with targets at 56.95 & 56.55 in extension.

Alternative scenario:

Above 57.55 look for further upside with 58.00 & 58.30 as targets.

Comment:

As long as 57.55 is resistance, expect a return to 56.95.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: the downside prevails.

Pivot:

25660

Our preference:

Short positions below 25660 with targets at 25230 & 25060 in extension.

Alternative scenario:

Above 25660 look for further upside with 25800 & 25880 as targets.

Comment:

The RSI has broken down its 30 level.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: look for 6860.

Pivot:

6934

Our preference:

Short positions below 6934 with targets at 6860 & 6825 in extension.

Alternative scenario:

Above 6934 look for further upside with 6950 & 6968 as targets.

Comment:

As long as 6934 is resistance, look for choppy price action with a bearish bias.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: consolidation.

Pivot:

49110

Our preference:

Short positions below 49110 with targets at 48730 & 48600 in extension.

Alternative scenario:

Above 49110 look for further upside with 49300 & 49500 as targets.

Comment:

Technically the RSI is below its neutrality area at 50.