Opening the Week with Strategic Intent

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: consolidation.

Pivot:

157.75

Our preference:

Short positions below 157.75 with targets at 156.80 & 156.50 in extension.

Alternative scenario:

Above 157.75 look for further upside with 158.00 & 158.30 as targets.

Comment:

As long as 157.75 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD Intraday: bullish bias above 1.1670.

Pivot:

1.1670

Our preference:

Long positions above 1.1670 with targets at 1.1720 & 1.1745 in extension.

Alternative scenario:

Below 1.1670 look for further downside with 1.1650 & 1.1630 as targets.

Comment:

A support base at 1.1670 has formed and has allowed for a temporary stabilisation.

GBPUSD

GBP/USD Intraday: rebound.

Pivot:

1.3365

Our preference:

Long positions above 1.3365 with targets at 1.3430 & 1.3455 in extension.

Alternative scenario:

Below 1.3365 look for further downside with 1.3340 & 1.3315 as targets.

Comment:

The RSI calls for a bounce.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: intraday support around 69.60.

Pivot:

69.60

Our preference:

Long positions above 69.60 with targets at 73.30 & 75.30 in extension.

Alternative scenario:

Below 69.60 look for further downside with 67.80 & 66.10 as targets.

Comment:

Investors have to remain cautious since these levels may trigger profit taking.

GOLD

Gold Intraday: choppy.

Pivot:

5365

Our preference:

Short positions below 5365 with targets at 5295 & 5260 in extension.

Alternative scenario:

Above 5365 look for further upside with 5415 & 5460 as targets.

Comment:

As long as 5365 is resistance, look for choppy price action with a bearish bias.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: watch 49200.

Pivot:

48710

Our preference:

Long positions above 48710 with targets at 49200 & 49400 in extension.

Alternative scenario:

Below 48710 look for further downside with 48390 & 48170 as targets.

Comment:

The RSI is mixed to bullish.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: the bias remains bullish.

Pivot:

24880

Our preference:

Long positions above 24880 with targets at 25100 & 25270 in extension.

Alternative scenario:

Below 24880 look for further downside with 24780 & 24640 as targets.

Comment:

The break above 24880 is a positive signal that has opened a path to 25100.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: bullish bias above 6840.

Pivot:

6840

Our preference:

Long positions above 6840 with targets at 6920 & 6945 in extension.

Alternative scenario:

Below 6840 look for further downside with 6810 & 6770 as targets.

Comment:

The break above the resistance at 6840 triggered an upward acceleration to 6920.