Midweek Market Check: Signal vs. Noise

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the bias remains bullish.

Pivot:157.80

Our preference:

Long positions above 157.80 with targets at 158.35 & 158.60 in extension.

Alternative scenario:

Below 157.80 look for further downside with 157.60 & 157.40 as targets.

Comment:

The next resistances are at 158.35 and then at 158.60.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:1.1690

Our preference:

Long positions above 1.1690 with targets at 1.1745 & 1.1765 in extension.

Alternative scenario:

Below 1.1690 look for further downside with 1.1670 & 1.1650 as targets.

Comment:

The RSI is above its neutrality area at 50%.

GBPUSD

GBP/USD Intraday: intraday support around 1.3410.

Pivot:1.3410

Our preference:

Long positions above 1.3410 with targets at 1.3470 & 1.3490 in extension.

Alternative scenario:

Below 1.3410 look for further downside with 1.3380 & 1.3350 as targets.

Comment:

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

GOLD

Gold Intraday: further advance.

Pivot:4715

Our preference:

Long positions above 4715 with targets at 4790 & 4820 in extension.

Alternative scenario:

Below 4715 look for further downside with 4685 & 4658 as targets.

Comment:

The RSI is bullish and calls for further upside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: key resistance at 60.50.

Pivot:60.50

Our preference:

Short positions below 60.50 with targets at 59.10 & 58.50 in extension.

Alternative scenario:

Above 60.50 look for further upside with 61.20 & 62.20 as targets.

Comment:

As long as 60.50 is resistance, look for choppy price action with a bearish bias.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: under pressure.

Pivot:25360

Our preference:

Short positions below 25360 with targets at 24890 & 24700 in extension.

Alternative scenario:

Above 25360 look for further upside with 25470 & 25640 as targets.

Comment:

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: watch 6800.

Pivot:6885

Our preference:

Short positions below 6885 with targets at 6800 & 6770 in extension.

Alternative scenario:

Above 6885 look for further upside with 6905 & 6935 as targets.

Comment:

A break below 6800 would trigger a drop towards 6770.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: towards 48500.

Pivot:49000

Our preference:

Short positions below 49000 with targets at 48500 & 48310 in extension.

Alternative scenario:

Above 49000 look for further upside with 49150 & 49330 as targets.

Comment:

A break below 48500 would trigger a drop towards 48310.