The Week Ahead in Trading

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: further advance.

Pivot:

157.65

Our preference:

Long positions above 157.65 with targets at 158.40 & 158.70 in extension.

Alternative scenario:

Below 157.65 look for further downside with 157.35 & 157.05 as targets.

Comment:

The RSI is bullish and calls for further upside.

EURUSD

EUR/USD Intraday: under pressure.

Pivot:

1.1650

Our preference:

Short positions below 1.1650 with targets at 1.1605 & 1.1590 in extension.

Alternative scenario:

Above 1.1650 look for further upside with 1.1665 & 1.1680 as targets.

Comment:

The RSI is bearish and calls for further downside.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:

1.3420

Our preference:

Short positions below 1.3420 with targets at 1.3375 & 1.3355 in extension.

Alternative scenario:

Above 1.3420 look for further upside with 1.3440 & 1.3460 as targets.

Comment:

The RSI advocates for further decline.

GOLD

Gold Intraday: towards 4600.

Pivot:

4498

Our preference:

Long positions above 4498 with targets at 4575 & 4600 in extension.

Alternative scenario:

Below 4498 look for further downside with 4478 & 4460 as targets.

Comment:

The immediate trend remains up and the momentum is strong.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: expect 60.80.

Pivot:

58.55

Our preference:

Long positions above 58.55 with targets at 60.10 & 60.80 in extension.

Alternative scenario:

Below 58.55 look for further downside with 57.90 & 57.50 as targets.

Comment:

The RSI advocates for further upside.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: bullish bias above 49450.

Pivot:

49450

Our preference:

Long positions above 49450 with targets at 50050 & 50220 in extension.

Alternative scenario:

Below 49450 look for further downside with 49340 & 49195 as targets.

Comment:

The RSI is above its neutrality area at 50%.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: intraday support around 6990.

Pivot:

6990

Our preference:

Long positions above 6990 with targets at 7040 & 7065 in extension.

Alternative scenario:

Below 6990 look for further downside with 6975 & 6950 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: intraday support around 25840.

Pivot:

25840

Our preference:

Long positions above 25840 with targets at 26100 & 26290 in extension.

Alternative scenario:

Below 25840 look for further downside with 25730 & 25620 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.