Market Strengths and Strategic Direction

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 157.75.

Pivot:157.75

Our preference:

Long positions above 157.75 with targets at 158.20 & 158.40 in extension.

Alternative scenario:

Below 157.75 look for further downside with 157.55 & 157.35 as targets.

Comment:

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

EURUSD

EUR/USD Intraday: intraday support around 1.1650.

Pivot:1.1650

Our preference:

Long positions above 1.1650 with targets at 1.1685 & 1.1700 in extension.

Alternative scenario:

Below 1.1650 look for further downside with 1.1635 & 1.1620 as targets.

Comment:

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

GBPUSD

GBP/USD Intraday: the bias remains bullish.

Pivot:1.3435

Our preference:

Long positions above 1.3435 with targets at 1.3485 & 1.3505 in extension.

Alternative scenario:

Below 1.3435 look for further downside with 1.3415 & 1.3390 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

GOLD

Gold Intraday: aim @ 4615.

Pivot:4578

Our preference:

Long positions above 4578 with targets at 4615 & 4630 in extension.

Alternative scenario:

Below 4578 look for further downside with 4550 & 4515 as targets.

Comment:

Investors have to remain cautious since these levels may trigger profit taking.

CRUDE OIL

Crude Oil (WTI)‎ (H6)‎ Intraday: bullish bias above 58.90.

Pivot:58.90

Our preference:

Long positions above 58.90 with targets at 60.10 & 60.90 in extension.

Alternative scenario:

Below 58.90 look for further downside with 58.35 & 57.90 as targets.

Comment:

The RSI is above its neutrality area at 50%.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: look for 50020.

Pivot:49590

Our preference:

Long positions above 49590 with targets at 50020 & 50230 in extension.

Alternative scenario:

Below 49590 look for further downside with 49450 & 49340 as targets.

Comment:

The next resistances are at 50020 and then at 50230.

S&P 500 (CME)‎

S&P 500 (CME)‎ (H6)‎ Intraday: watch 7034.

Pivot:7000

Our preference:

Long positions above 7000 with targets at 7034 & 7048 in extension.

Alternative scenario:

Below 7000 look for further downside with 6988 & 6973 as targets.

Comment:

The break above 7000 is a positive signal that has opened a path to 7034.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (H6)‎ Intraday: intraday support around 25900.

Pivot:25900

Our preference:

Long positions above 25900 with targets at 26070 & 26120 in extension.

Alternative scenario:

Below 25900 look for further downside with 25840 & 25740 as targets.

Comment:

The RSI is above its neutrality area at 50%.