Trend Pulse: Strength vs. Speculation

MARKET ANALYSIS

GBPUSD

GBP/USD Intraday: towards 1.3500.

Pivot:

1.3430

Our preference:

Long positions above 1.3430 with targets at 1.3480 & 1.3500 in extension.

Alternative scenario:

Below 1.3430 look for further downside with 1.3410 & 1.3390 as targets.

Comment:

The RSI advocates for further advance.

USDJPY

USD/JPY Intraday: watch 156.10.

Pivot:

157.40

Our preference:

Short positions below 157.40 with targets at 156.50 & 156.10 in extension.

Alternative scenario:

Above 157.40 look for further upside with 157.75 & 158.00 as targets.

Comment:

The RSI calls for a new downleg.

EURUSD

EUR/USD Intraday: 1.1800 in sight.

Pivot:

1.1735

Our preference:

Long positions above 1.1735 with targets at 1.1780 & 1.1800 in extension.

Alternative scenario:

Below 1.1735 look for further downside with 1.1720 & 1.1705 as targets.

Comment:

The RSI is bullish and calls for further upside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: 58.95 expected.

Pivot:

57.25

Our preference:

Long positions above 57.25 with targets at 58.40 & 58.95 in extension.

Alternative scenario:

Below 57.25 look for further downside with 56.90 & 56.45 as targets.

Comment:

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

GOLD

Gold Intraday: bullish bias above 4405.

Pivot:

4405

Our preference:

Long positions above 4405 with targets at 4480 & 4500 in extension.

Alternative scenario:

Below 4405 look for further downside with 4375 & 4355 as targets.

Comment:

The RSI shows upside momentum.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: towards 49130.

Pivot:

48460

Our preference:

Long positions above 48460 with targets at 48920 & 49130 in extension.

Alternative scenario:

Below 48460 look for further downside with 48150 & 47900 as targets.

Comment:

The RSI is bullish and calls for further upside.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: towards 25950.

Pivot:

25510

Our preference:

Long positions above 25510 with targets at 25790 & 25950 in extension.

Alternative scenario:

Below 25510 look for further downside with 25400 & 25275 as targets.

Comment:

The RSI is mixed with a bullish bias.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: 6990 expected.

Pivot:

6894

Our preference:

Long positions above 6894 with targets at 6955 & 6990 in extension.

Alternative scenario:

Below 6894 look for further downside with 6853 & 6830 as targets.

Comment:

The RSI is bullish and calls for further advance.