Midweek Market Update: Shifts and Reactions

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: under pressure.

Pivot:

153.50

Our preference:

Short positions below 153.50 with targets at 152.00 & 151.30 in extension.

Alternative scenario:

Above 153.50 look for further upside with 154.20 & 154.85 as targets.

Comment:

As long as the resistance at 153.50 is not surpassed, the risk of the break below 152.00 remains high.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:

1.1940

Our preference:

Long positions above 1.1940 with targets at 1.2075 & 1.2120 in extension.

Alternative scenario:

Below 1.1940 look for further downside with 1.1900 & 1.1850 as targets.

Comment:

The RSI advocates for further advance.

GBPUSD

GBP/USD Intraday: 1.3900 in sight.

Pivot:

1.3750

Our preference:

Long positions above 1.3750 with targets at 1.3865 & 1.3900 in extension.

Alternative scenario:

Below 1.3750 look for further downside with 1.3710 & 1.3660 as targets.

Comment:

The RSI is bullish and calls for further upside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: expect 63.65.

Pivot:

61.70

Our preference:

Long positions above 61.70 with targets at 62.90 & 63.65 in extension.

Alternative scenario:

Below 61.70 look for further downside with 61.00 & 60.15 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold Intraday: further upside.

Pivot:

5100

Our preference:

Long positions above 5100 with targets at 5240 & 5280 in extension.

Alternative scenario:

Below 5100 look for further downside with 5050 & 5005 as targets.

Comment:

The RSI shows upside momentum.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: the upside prevails.

Pivot:

25930

Our preference:

Long positions above 25930 with targets at 26240 & 26350 in extension.

Alternative scenario:

Below 25930 look for further downside with 25820 & 25740 as targets.

Comment:

The next resistances are at 26240 and then at 26350.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: further advance.

Pivot:

6995

Our preference:

Long positions above 6995 with targets at 7035 & 7055 in extension.

Alternative scenario:

Below 6995 look for further downside with 6968 & 6950 as targets.

Comment:

The next resistances are at 7035 and then at 7055

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: under pressure.

Pivot:

49360

Our preference:

Short positions below 49360 with targets at 48930 & 48790 in extension.

Alternative scenario:

Above 49360 look for further upside with 49530 & 49610 as targets.

Comment:

The RSI is below its neutrality area at 50%