Friday Review: Market Reactions Explained

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the bias remains bullish.

Pivot:

158.30

Our preference:

Long positions above 158.30 with targets at 158.85 & 159.10 in extension.

Alternative scenario:

Below 158.30 look for further downside with 158.10 & 157.90 as targets.

Comment:

The RSI calls for a bounce.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:

1.1625

Our preference:

Short positions below 1.1625 with targets at 1.1590 & 1.1575 in extension.

Alternative scenario:

Above 1.1625 look for further upside with 1.1640 & 1.1660 as targets.

Comment:

The RSI advocates for further downside.

GBPUSD

GBP/USD Intraday: under pressure.

Pivot:

1.3400

Our preference:

Short positions below 1.3400 with targets at 1.3360 & 1.3340 in extension.

Alternative scenario:

Above 1.3400 look for further upside with 1.3420 & 1.3440 as targets.

Comment:

The RSI calls for a new downleg.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: under pressure.

Pivot:

59.80

Our preference:

Short positions below 59.80 with targets at 58.30 & 57.50 in extension.

Alternative scenario:

Above 59.80 look for further upside with 60.50 & 61.20 as targets.

Comment:

Technically the RSI is below its neutrality area at 50.

GOLD

Gold Intraday: 4660 in sight.

Pivot:

4600

Our preference:

Long positions above 4600 with targets at 4642 & 4660 in extension.

Alternative scenario:

Below 4600 look for further downside with 4585 & 4568 as targets.

Comment:

The RSI is mixed to bullish.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: expect 25560.

Pivot:

25850

Our preference:

Short positions below 25850 with targets at 25560 & 25430 in extension.

Alternative scenario:

Above 25850 look for further upside with 25950 & 26020 as targets.

Comment:

The RSI is below its neutrality area at 50%

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: target 6948.

Pivot:

7015

Our preference:

Short positions below 7015 with targets at 6948 & 6923 in extension.

Alternative scenario:

Above 7015 look for further upside with 7036 & 7070 as targets.

Comment:

The RSI is below its neutrality area at 50%

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: intraday support around 49580.

Pivot:

49580

Our preference:

Long positions above 49580 with targets at 49810 & 49900 in extension.

Alternative scenario:

Below 49580 look for further downside with 49460 & 49300 as targets.

Comment:

The RSI is above its neutrality area at 50%.