Market Developments in Context

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: continuation of the rebound.

Pivot:

157.70

Our preference:

Long positions above 157.70 with targets at 158.40 & 158.65 in extension.

Alternative scenario:

Below 157.70 look for further downside with 157.40 & 157.15 as targets.

Comment:

The RSI is bullish and calls for further advance.

EURUSD

EUR/USD Intraday: consolidation.

Pivot:

1.1645

Our preference:

Short positions below 1.1645 with targets at 1.1575 & 1.1550 in extension.

Alternative scenario:

Above 1.1645 look for further upside with 1.1665 & 1.1685 as targets.

Comment:

As long as 1.1645 is resistance, look for choppy price action with a bearish bias.

GBPUSD

GBP/USD Intraday: consolidation in place.

Pivot:

1.3455

Our preference:

Short positions below 1.3455 with targets at 1.3385 & 1.3355 in extension.

Alternative scenario:

Above 1.3455 look for further upside with 1.3480 & 1.3500 as targets.

Comment:

As long as 1.3455 is resistance, look for choppy price action with a bearish bias.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: limited upside.

Pivot:

83.30

Our preference:

Long positions above 83.30 with targets at 91.00 & 96.30 in extension.

Alternative scenario:

Below 83.30 look for further downside with 80.00 & 76.90 as targets.

Comment:

The RSI calls for a bounce.

GOLD

Gold Intraday: look for 5235.

Pivot:

5160

Our preference:

Long positions above 5160 with targets at 5235 & 5255 in extension.

Alternative scenario:

Below 5160 look for further downside with 5125 & 5090 as targets.

Comment:

The RSI has just struck against its neutrality area at 50%.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: towards 25220.

Pivot:

24860

Our preference:

Long positions above 24860 with targets at 25220 & 25400 in extension.

Alternative scenario:

Below 24860 look for further downside with 24720 & 24600 as targets.

Comment:

The next resistances are at 25220 and then at 25400.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: bullish bias above 6765.

Pivot:

6765

Our preference:

Long positions above 6765 with targets at 6850 & 6900 in extension.

Alternative scenario:

Below 6765 look for further downside with 6735 & 6700 as targets.

Comment:

The RSI is below its neutrality area at 50% but reversing up.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: intraday support around 47500.

Pivot:

47500

Our preference:

Long positions above 47500 with targets at 48270 & 48510 in extension.

Alternative scenario:

Below 47500 look for further downside with 47300 & 47020 as targets.

Comment:

The next resistances are at 48270 and then at 48510.