Weekly Wrap: February's Tone Is Clear

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: consolidation.

Pivot:

156.55

Our preference:

Short positions below 156.55 with targets at 155.90 & 155.60 in extension.

Alternative scenario:

Above 156.55 look for further upside with 156.80 & 157.00 as targets.

Comment:

As long as 156.55 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD Intraday: further advance.

Pivot:

1.1785

Our preference:

Long positions above 1.1785 with targets at 1.1830 & 1.1845 in extension.

Alternative scenario:

Below 1.1785 look for further downside with 1.1770 & 1.1755 as targets.

Comment:

The RSI is bullish and calls for further upside.

GBPUSD

GBP/USD Intraday: towards 1.3600.

Pivot:

1.3515

Our preference:

Long positions above 1.3515 with targets at 1.3580 & 1.3600 in extension.

Alternative scenario:

Below 1.3515 look for further downside with 1.3490 & 1.3470 as targets.

Comment:

The RSI calls for a bounce.

GOLD

Gold Intraday: consolidation in place.

Pivot:

5215

Our preference:

Short positions below 5215 with targets at 5125 & 5090 in extension.

Alternative scenario:

Above 5215 look for further upside with 5250 & 5290 as targets.

Comment:

The RSI is below its neutrality area at 50%

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: under pressure.

Pivot:

65.95

Our preference:

Short positions below 65.95 with targets at 65.15 & 64.80 in extension.

Alternative scenario:

Above 65.95 look for further upside with 66.35 & 66.60 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 65.95.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: bullish bias above 25200.

Pivot:

25200

Our preference:

Long positions above 25200 with targets at 25500 & 25650 in extension.

Alternative scenario:

Below 25200 look for further downside with 25110 & 25000 as targets.

Comment:

The next resistances are at 25500 and then at 25650.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: bullish bias above 6935.

Pivot:

6935

Our preference:

Long positions above 6935 with targets at 6985 & 7010 in extension.

Alternative scenario:

Below 6935 look for further downside with 6915 & 6895 as targets.

Comment:

The next resistances are at 6985 and then at 7010.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: watch 49720.

Pivot:

49200

Our preference:

Long positions above 49200 with targets at 49720 & 49900 in extension.

Alternative scenario:

Below 49200 look for further downside with 49000 & 48800 as targets.

Comment:

The RSI is above its neutrality area at 50%.