Market Open: Setting the Tone for the Week

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 156.50.

Pivot:156.50

Our preference:

Long positions above 156.50 with targets at 157.00 & 157.20 in extension.

Alternative scenario:

Below 156.50 look for further downside with 156.25 & 156.00 as targets.

Comment:

A support base at 156.50 has formed and has allowed for a temporary stabilisation.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:1.1735

Our preference:

Short positions below 1.1735 with targets at 1.1700 & 1.1680 in extension.

Alternative scenario:

Above 1.1735 look for further upside with 1.1750 & 1.1765 as targets.

Comment:

A break below 1.1700 would trigger a drop towards 1.1680.

GBPUSD

GBP/USD Intraday: under pressure.

Pivot:1.3485

Our preference:

Short positions below 1.3485 with targets at 1.3420 & 1.3395 in extension.

Alternative scenario:

Above 1.3485 look for further upside with 1.3505 & 1.3525 as targets.

Comment:

As long as the resistance at 1.3485 is not surpassed, the risk of the break below 1.3420 remains high.

GOLD

Gold Intraday: rebound.

Pivot:4310

Our preference:

Long positions above 4310 with targets at 4402 & 4435 in extension.

Alternative scenario:

Below 4310 look for further downside with 4274 & 4240 as targets.

Comment:

The RSI is bullish and calls for further upside.

CRUDE OIL (WTI)

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

Pivot:57.50

Our preference:

Short positions below 57.50 with targets at 56.60 & 56.30 in extension.

Alternative scenario:

Above 57.50 look for further upside with 57.90 & 58.20 as targets.

Comment:

As long as 57.50 is resistance, look for choppy price action with a bearish bias.

NASDAQ 100

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

Pivot:25550

Our preference:

Short positions below 25550 with targets at 25340 & 25265 in extension.

Alternative scenario:

Above 25550 look for further upside with 25630 & 25780 as targets.

Comment:

The RSI is below its neutrality area at 50%

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: choppy.

Pivot:6915

Our preference:

Short positions below 6915 with targets at 6882 & 6867 in extension.

Alternative scenario:

Above 6915 look for further upside with 6938 & 6950 as targets.

Comment:

As long as 6915 is resistance, look for choppy price action with a bearish bias.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: the upside prevails.

Pivot:48425

Our preference:

Long positions above 48425 with targets at 48770 & 48890 in extension.

Alternative scenario:

Below 48425 look for further downside with 48315 & 48090 as targets.

Comment:

The RSI is bullish and calls for further upside.