Midweek Balance: Patience Meets Strategy

MARKET ANALYSIS

GBPUSD

GBP/USD Intraday: further advance.

Pivot:1.3470

Our preference:

Long positions above 1.3470 with targets at 1.3540 & 1.3560 in extension.

Alternative scenario:

Below 1.3470 look for further downside with 1.3450 & 1.3430 as targets.

Comment:

The RSI is bullish and calls for further upside.

USD/JPY

USD/JPY Intraday: the downside prevails.

Pivot:156.55

Our preference:

Short positions below 156.55 with targets at 155.85 & 155.65 in extension.

Alternative scenario:

Above 156.55 look for further upside with 156.80 & 157.05 as targets.

Comment:

The RSI lacks upward momentum.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:1.1765

Our preference:

Long positions above 1.1765 with targets at 1.1810 & 1.1830 in extension.

Alternative scenario:

Below 1.1765 look for further downside with 1.1745 & 1.1725 as targets.

Comment:

The RSI calls for a bounce.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: 59.40 expected.

Pivot:57.75

Our preference:

Long positions above 57.75 with targets at 58.95 & 59.40 in extension.

Alternative scenario:

Below 57.75 look for further downside with 57.25 & 56.90 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold Intraday: aim @ 4550.

Pivot:4455

Our preference:

Long positions above 4455 with targets at 4520 & 4550 in extension.

Alternative scenario:

Below 4455 look for further downside with 4428 & 4405 as targets.

Comment:

The RSI is mixed to bullish.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: the bias remains bullish.

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 mixed to bullish.

NASDAQ 100

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

Pivot:25720

Our preference:

Long positions above 25720 with targets at 25860 & 25950 in extension.

Alternative scenario:

Below 25720 look for further downside with 25610 & 25510 as targets.

Comment:

The RSI shows upside momentum.

S&P 500

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

Pivot:6937

Our preference:

Long positions above 6937 with targets at 6990 & 7020 in extension.

Alternative scenario:

Below 6937 look for further downside with 6912 & 6894 as targets.

Comment:

The break above 6937 is a positive signal that has opened a path to 6990.