Midweek Market Alignment Check

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: further upside.

Pivot:

153.15

Our preference:

Long positions above 153.15 with targets at 153.90 & 154.20 in extension.

Alternative scenario:

Below 153.15 look for further downside with 152.85 & 152.55 as targets.

Comment:

The RSI calls for a new upleg.

EURUSD

EUR/USD Intraday: capped by a negative trend line.

Pivot:

1.1870

Our preference:

Short positions below 1.1870 with targets at 1.1830 & 1.1815 in extension.

Alternative scenario:

Above 1.1870 look for further upside with 1.1885 & 1.1900 as targets.

Comment:

As long as 1.1870 is resistance, likely decline to 1.1830.

GBPUSD

GBP/USD Intraday: under pressure.

Pivot:

1.3645

Our preference:

Short positions below 1.3645 with targets at 1.3605 & 1.3590 in extension.

Alternative scenario:

Above 1.3645 look for further upside with 1.3660 & 1.3675 as targets.

Comment:

The RSI calls for a drop.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: towards 64.60.

Pivot:

63.00

Our preference:

Long positions above 63.00 with targets at 64.00 & 64.60 in extension.

Alternative scenario:

Below 63.00 look for further downside with 62.50 & 62.15 as targets.

Comment:

The RSI is bullish and calls for further upside.

GOLD

Gold Intraday: key resistance at 5015.

Pivot:

5015

Our preference:

Short positions below 5015 with targets at 4967 & 4933 in extension.

Alternative scenario:

Above 5015 look for further upside with 5045 & 5080 as targets.

Comment:

As long as the resistance at 5015 is not surpassed, the risk of the break below 4967 remains high.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: choppy.

Pivot:

6870

Our preference:

Short positions below 6870 with targets at 6833 & 6808 in extension.

Alternative scenario:

Above 6870 look for further upside with 6895 & 6933 as targets.

Comment:

As long as 6870 is resistance, look for choppy price action with a bearish bias.

NASDAQ 100

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

Pivot:

24920

Our preference:

Short positions below 24920 with targets at 24570 & 24430 in extension.

Alternative scenario:

Above 24920 look for further upside with 25030 & 25200 as targets.

Comment:

The RSI is below its neutrality area at 50%

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: bullish bias above 49570.

Pivot:

49570

Our preference:

Long positions above 49570 with targets at 49830 & 49970 in extension.

Alternative scenario:

Below 49570 look for further downside with 49420 & 49145 as targets.

Comment:

A support base at 49570 has formed and has allowed for a temporary stabilisation.