Structure and Direction in Focus

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 154.05.

Pivot:

154.05

Our preference:

Long positions above 154.05 with targets at 154.80 & 155.10 in extension.

Alternative scenario:

Below 154.05 look for further downside with 153.70 & 153.40 as targets.

Comment:

The RSI calls for a rebound.

EURUSD

EUR/USD Intraday: watch 1.1850.

Pivot:

1.1920

Our preference:

Short positions below 1.1920 with targets at 1.1870 & 1.1850 in extension.

Alternative scenario:

Above 1.1920 look for further upside with 1.1940 & 1.1960 as targets.

Comment:

The RSI advocates for further downside.

GBPUSD

GBP/USD Intraday: towards 1.3585.

Pivot:

1.3670

Our preference:

Short positions below 1.3670 with targets at 1.3610 & 1.3585 in extension.

Alternative scenario:

Above 1.3670 look for further upside with 1.3695 & 1.3720 as targets.

Comment:

The RSI is bearish and calls for further decline.

GOLD

Gold Intraday: range.

Pivot:

4980

Our preference:

Long positions above 4980 with targets at 5085 & 5145 in extension.

Alternative scenario:

Below 4980 look for further downside with 4905 & 4835 as targets.

Comment:

The RSI calls for a bounce.

CRUDE OIL (WTI)

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

Pivot:

63.85

Our preference:

Long positions above 63.85 with targets at 64.90 & 65.50 in extension.

Alternative scenario:

Below 63.85 look for further downside with 63.20 & 62.65 as targets.

Comment:

A support base at 63.85 has formed and has allowed for a temporary stabilisation.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: consolidation in place.

Pivot:

50600

Our preference:

Short positions below 50600 with targets at 50000 & 49750 in extension.

Alternative scenario:

Above 50600 look for further upside with 50710 & 50900 as targets.

Comment:

The RSI is below its neutrality area at 50%

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (H6)‎ Intraday: key resistance at 25420.

Pivot:

25420

Our preference:

Short positions below 25420 with targets at 25160 & 25020 in extension.

Alternative scenario:

Above 25420 look for further upside with 25510 & 25650 as targets.

Comment:

The RSI is below its neutrality area at 50%

S&P 500 (CME)

S&P 500 (CME)‎ (H6)‎ Intraday: consolidation in place.

Pivot:

7000

Our preference:

Short positions below 7000 with targets at 6930 & 6881 in extension.

Alternative scenario:

Above 7000 look for further upside with 7035 & 7070 as targets.

Comment:

As long as 7000 is resistance, expect a return to 6930.