Market Drivers Today: Data and Direction

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: intraday support around 158.05.

Pivot:158.05

Our preference:

Long positions above 158.05 with targets at 158.60 & 158.90 in extension.

Alternative scenario:

Below 158.05 look for further downside with 157.80 & 157.50 as targets.

Comment:

The RSI calls for a rebound.

EURUSD

EUR/USD Intraday: key resistance at 1.1660.

Pivot:1.1660

Our preference:

Short positions below 1.1660 with targets at 1.1635 & 1.1620 in extension.

Alternative scenario:

Above 1.1660 look for further upside with 1.1675 & 1.1695 as targets.

Comment:

As long as 1.1660 is resistance, look for choppy price action with a bearish bias.

GBPUSD

GBP/USD Intraday: choppy.

Pivot:1.3460

Our preference:

Short positions below 1.3460 with targets at 1.3415 & 1.3390 in extension.

Alternative scenario:

Above 1.3460 look for further upside with 1.3485 & 1.3505 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 1.3460.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: choppy.

Pivot:61.70

Our preference:

Short positions below 61.70 with targets at 59.90 & 59.10 in extension.

Alternative scenario:

Above 61.70 look for further upside with 62.20 & 63.10 as targets.

Comment:

The RSI is mixed.

GOLD

Gold Intraday: aim @ 4575.

Pivot:4640

Our preference:

Short positions below 4640 with targets at 4600 & 4575 in extension.

Alternative scenario:

Above 4640 look for further upside with 4655 & 4675 as targets.

Comment:

The RSI is bearish and calls for further decline.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: towards 25240.

Pivot:25690

Our preference:

Short positions below 25690 with targets at 25430 & 25240 in extension.

Alternative scenario:

Above 25690 look for further upside with 25830 & 26020 as targets.

Comment:

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

S&P 500 (CME)

S&P 500 (CME)‎ (H6)‎ Intraday: watch 6913.

Pivot:6977

Our preference:

Short positions below 6977 with targets at 6913 & 6890 in extension.

Alternative scenario:

Above 6977 look for further upside with 7002 & 7014 as targets.

Comment:

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

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: key resistance at 49400.

Pivot:49400

Our preference:

Short positions below 49400 with targets at 49060 & 48900 in extension.

Alternative scenario:

Above 49400 look for further upside with 49580 & 49680 as targets.

Comment:

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