Trend Check: Current and Fading Trends

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: key resistance at 155.45.

Pivot:155.45

Our preference:

Short positions below 155.45 with targets at 154.80 & 154.60 in extension.

Alternative scenario:

Above 155.45 look for further upside with 155.65 & 155.90 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 155.45.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:1.1725

Our preference:

Long positions above 1.1725 with targets at 1.1770 & 1.1790 in extension.

Alternative scenario:

Below 1.1725 look for further downside with 1.1700 & 1.1680 as targets.

Comment:

The RSI has just landed on its neutrality area at 50% and is turning up.

GBPUSD

GBP/USD Intraday: bullish bias above 1.3355.

Pivot:1.3355

Our preference:

Long positions above 1.3355 with targets at 1.3400 & 1.3415 in extension.

Alternative scenario:

Below 1.3355 look for further downside with 1.3340 & 1.3320 as targets.

Comment:

A support base at 1.3355 has formed and has allowed for a temporary stabilisation.

GOLD

Gold Intraday: intraday support around 4285.

Pivot:4285

Our preference:

Long positions above 4285 with targets at 4333 & 4353 in extension.

Alternative scenario:

Below 4285 look for further downside with 4257 & 4240 as targets.

Comment:

A support base at 4285 has formed and has allowed for a temporary stabilisation.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: 55.75 expected.

Pivot:57.00

Our preference:

Short positions below 57.00 with targets at 56.25 & 55.75 in extension.

Alternative scenario:

Above 57.00 look for further upside with 57.60 & 57.95 as targets.

Comment:

The RSI is mixed with a bearish bias.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: watch 25160.

Pivot:25670

Our preference:

Short positions below 25670 with targets at 25290 & 25160 in extension.

Alternative scenario:

Above 25670 look for further upside with 25810 & 25960 as targets.

Comment:

The RSI is mixed to bearish.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: aim @ 6827.

Pivot:6931

Our preference:

Short positions below 6931 with targets at 6864 & 6827 in extension.

Alternative scenario:

Above 6931 look for further upside with 6951 & 6972 as targets.

Comment:

The RSI is mixed to bearish.

DOW JONES

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

Pivot:49130

Our preference:

Short positions below 49130 with targets at 48580 & 48340 in extension.

Alternative scenario:

Above 49130 look for further upside with 49250 & 49480 as targets.

Comment:

The RSI is mixed to bearish.