Midweek Strategic Market Update

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the bias remains bullish.

Pivot:154.20

Our preference:

Long positions above 154.20 with targets at 155.05 & 155.30 in extension.

Alternative scenario:

Below 154.20 look for further downside with 154.00 & 153.80 as targets.

Comment:

The RSI calls for a bounce.

EURUSD

EUR/USD Intraday: watch 1.1755.

Pivot:1.1810

Our preference:

Short positions below 1.1810 with targets at 1.1775 & 1.1755 in extension.

Alternative scenario:

Above 1.1810 look for further upside with 1.1835 & 1.1855 as targets.

Comment:

As long as the resistance at 1.1810 is not surpassed, the risk of the break below 1.1775 remains high.

GBPUSD

GBP/USD Intraday: choppy.

Pivot:1.3515

Our preference:

Short positions below 1.3515 with targets at 1.3475 & 1.3455 in extension.

Alternative scenario:

Above 1.3515 look for further upside with 1.3535 & 1.3555 as targets.

Comment:

A break below 1.3475 would trigger a drop towards 1.3455.

GOLD

Gold Intraday: the upside prevails.

Pivot:5170

Our preference:

Long positions above 5170 with targets at 5280 & 5310 in extension.

Alternative scenario:

Below 5170 look for further downside with 5125 & 5100 as targets.

Comment:

The RSI shows upside momentum.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: range.

Pivot:66.65

Our preference:

Short positions below 66.65 with targets at 65.85 & 65.40 in extension.

Alternative scenario:

Above 66.65 look for further upside with 67.25 & 68.00 as targets.

Comment:

The RSI is below its neutrality area at 50%

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (H6)‎ Intraday: key resistance at 24820.

Pivot:24820

Our preference:

Short positions below 24820 with targets at 24670 & 24570 in extension.

Alternative scenario:

Above 24820 look for further upside with 24880 & 25000 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 24820.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: the downside prevails.

Pivot:6870

Our preference:

Short positions below 6870 with targets at 6825 & 6810 in extension.

Alternative scenario:

Above 6870 look for further upside with 6888 & 6910 as targets.

Comment:

The RSI is below its neutrality area at 50%

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: target 48660.

Pivot:49050

Our preference:

Short positions below 49050 with targets at 48660 & 48510 in extension.

Alternative scenario:

Above 49050 look for further upside with 49280 & 49400 as targets.

Comment:

The RSI is bearish and calls for further decline.