Market Recap: The Week Without the Noise

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 156.50.

Pivot:156.50

Our preference:

Long positions above 156.50 with targets at 157.35 & 157.65 in extension.

Alternative scenario:

Below 156.50 look for further downside with 156.20 & 155.85 as targets.

Comment:

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

EURUSD

EUR/USD Intraday: under pressure.

Pivot:1.1805

Our preference:

Short positions below 1.1805 with targets at 1.1760 & 1.1740 in extension.

Alternative scenario:

Above 1.1805 look for further upside with 1.1820 & 1.1835 as targets.

Comment:

The RSI is bearish and calls for further decline.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:1.3570

Our preference:

Short positions below 1.3570 with targets at 1.3490 & 1.3460 in extension.

Alternative scenario:

Above 1.3570 look for further upside with 1.3595 & 1.3615 as targets.

Comment:

The RSI advocates for further downside.

GOLD

Gold Intraday: target 4610.

Pivot:4855

Our preference:

Short positions below 4855 with targets at 4610 & 4475 in extension.

Alternative scenario:

Above 4855 look for further upside with 4935 & 5020 as targets.

Comment:

The RSI shows downside momentum.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: key resistance at 63.85.

Pivot:63.85

Our preference:

Short positions below 63.85 with targets at 62.40 & 61.70 in extension.

Alternative scenario:

Above 63.85 look for further upside with 64.65 & 65.20 as targets.

Comment:

The RSI is bearish and calls for further downside.

NASDAQ 100

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

Pivot:24870

Our preference:

Short positions below 24870 with targets at 24430 & 24230 in extension.

Alternative scenario:

Above 24870 look for further upside with 25150 & 25510 as targets.

Comment:

The RSI has broken down its 30 level.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: under pressure.

Pivot:6835

Our preference:

Short positions below 6835 with targets at 6765 & 6735 in extension.

Alternative scenario:

Above 6835 look for further upside with 6865 & 6890 as targets.

Comment:

The RSI is below its neutrality area at 50%.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: look for 48750.

Pivot:49410

Our preference:

Short positions below 49410 with targets at 48930 & 48750 in extension.

Alternative scenario:

Above 49410 look for further upside with 49640 & 49750 as targets.

Comment:

The RSI has broken down its 30 level.