Levels Traders Can't Ignore

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 155.40.

Pivot:

155.40

Our preference:

Long positions above 155.40 with targets at 156.25 & 156.60 in extension.

Alternative scenario:

Below 155.40 look for further downside with 155.00 & 154.55 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

EURUSD

EUR/USD Intraday: key resistance at 1.1790.

Pivot:

1.1790

Our preference:

Short positions below 1.1790 with targets at 1.1760 & 1.1745 in extension.

Alternative scenario:

Above 1.1790 look for further upside with 1.1805 & 1.1820 as targets.

Comment:

As long as 1.1790 is resistance, look for choppy price action with a bearish bias.

GBPUSD

GBP/USD Intraday: choppy.

Pivot:

1.3515

Our preference:

Short positions below 1.3515 with targets at 1.3480 & 1.3460 in extension.

Alternative scenario:

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

Comment:

As long as 1.3515 is resistance, look for choppy price action with a bearish bias.

GOLD

Gold Intraday: under pressure.

Pivot:

5175

Our preference:

Short positions below 5175 with targets at 5090 & 5045 in extension.

Alternative scenario:

Above 5175 look for further upside with 5200 & 5235 as targets.

Comment:

The RSI calls for a drop.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: towards 65.40.

Pivot:

66.60

Our preference:

Short positions below 66.60 with targets at 65.40 & 64.80 in extension.

Alternative scenario:

Above 66.60 look for further upside with 66.95 & 67.30 as targets.

Comment:

As long as 66.60 is resistance, expect a return to 65.40.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: look for 25240.

Pivot:

24885

Our preference:

Long positions above 24885 with targets at 25120 & 25240 in extension.

Alternative scenario:

Below 24885 look for further downside with 24770 & 24670 as targets.

Comment:

The next resistances are at 25120 and then at 25240.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: target 6930.

Pivot:

6885

Our preference:

Long positions above 6885 with targets at 6910 & 6930 in extension.

Alternative scenario:

Below 6885 look for further downside with 6870 & 6840 as targets.

Comment:

The next resistances are at 6910 and then at 6930.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: look for 49570.

Pivot:

49000

Our preference:

Long positions above 49000 with targets at 49400 & 49570 in extension.

Alternative scenario:

Below 49000 look for further downside with 48800 & 48660 as targets.

Comment:

The next resistances are at 49400 and then at 49570.