Momentum Check: Direction Is Emerging

MARKET ANALYSIS

GBPUSD

GBP/USD Intraday: the bias remains bullish.

Pivot:1.3470

Our preference:

Long positions above 1.3470 with targets at 1.3530 & 1.3550 in extension.

Alternative scenario:

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

Comment:

Technically the RSI is above its neutrality area at 50.

USDJPY

USD/JPY Intraday: watch 155.55.

Pivot:156.40

Our preference:

Short positions below 156.40 with targets at 155.80 & 155.55 in extension.

Alternative scenario:

Above 156.40 look for further upside with 156.70 & 157.00 as targets.

Comment:

The RSI advocates for further downside.

EURUSD

EUR/USD Intraday: bullish bias above 1.1750.

Pivot:1.1750

Our preference:

Long positions above 1.1750 with targets at 1.1790 & 1.1805 in extension.

Alternative scenario:

Below 1.1750 look for further downside with 1.1735 & 1.1720 as targets.

Comment:

A support base at 1.1750 has formed and has allowed for a temporary stabilisation.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: consolidation.

Pivot:58.20

Our preference:

Short positions below 58.20 with targets at 57.30 & 57.05 in extension.

Alternative scenario:

Above 58.20 look for further upside with 58.60 & 58.85 as targets.

Comment:

The RSI is below its neutrality area at 50%

GOLD

Gold Intraday: the downside prevails.

Pivot:4375

Our preference:

Short positions below 4375 with targets at 4300 & 4270 in extension.

Alternative scenario:

Above 4375 look for further upside with 4405 & 4428 as targets.

Comment:

The RSI has broken down its 30 level.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: key resistance at 48850.

Pivot:48850

Our preference:

Short positions below 48850 with targets at 48640 & 48535 in extension.

Alternative scenario:

Above 48850 look for further upside with 48950 & 49070 as targets.

Comment:

The RSI is below its neutrality area at 50%

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: aim @ 25610.

Pivot:25780

Our preference:

Short positions below 25780 with targets at 25610 & 25510 in extension.

Alternative scenario:

Above 25780 look for further upside with 25840 & 25910 as targets.

Comment:

The RSI has just struck against its neutrality area at 50% and is reversing down.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: key resistance at 6965.

Pivot:6965

Our preference:

Short positions below 6965 with targets at 6936 & 6922 in extension.

Alternative scenario:

Above 6965 look for further upside with 6972 & 6988 as targets.

Comment:

The RSI has just struck against its neutrality area at 50% and is reversing down.