Midweek Market Reality Check

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: further upside.

Pivot:158.60

Our preference:

Long positions above 158.60 with targets at 159.35 & 159.70 in extension.

Alternative scenario:

Below 158.60 look for further downside with 158.25 & 157.90 as targets.

Comment:

The RSI is bullish and calls for further advance.

EURUSD

EUR/USD Intraday: under pressure.

Pivot:1.1580

Our preference:

Short positions below 1.1580 with targets at 1.1530 & 1.1505 in extension.

Alternative scenario:

Above 1.1580 look for further upside with 1.1610 & 1.1640 as targets.

Comment:

The RSI has broken down its 30 level.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:1.3420

Our preference:

Short positions below 1.3420 with targets at 1.3360 & 1.3330 in extension.

Alternative scenario:

Above 1.3420 look for further upside with 1.3450 & 1.3480 as targets.

Comment:

The RSI is bearish and calls for further downside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: continuation of the rebound.

Pivot:86.60

Our preference:

Long positions above 86.60 with targets at 95.60 & 98.00 in extension.

Alternative scenario:

Below 86.60 look for further downside with 83.70 & 81.70 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold Intraday: aim @ 5115.

Pivot:5195

Our preference:

Short positions below 5195 with targets at 5115 & 5090 in extension.

Alternative scenario:

Above 5195 look for further upside with 5215 & 5235 as targets.

Comment:

As long as 5195 is resistance, expect a return to 5115.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: towards 46665.

Pivot:47550

Our preference:

Short positions below 47550 with targets at 47020 & 46665 in extension.

Alternative scenario:

Above 47550 look for further upside with 47800 & 47960 as targets.

Comment:

A break below 47020 would trigger a drop towards 46665.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: turning down.

Pivot:6800

Our preference:

Short positions below 6800 with targets at 6700 & 6655 in extension.

Alternative scenario:

Above 6800 look for further upside with 6850 & 6900 as targets.

Comment:

The RSI is bearish and calls for further decline.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: turning down.

Pivot:25020

Our preference:

Short positions below 25020 with targets at 24720 & 24600 in extension.

Alternative scenario:

Above 25020 look for further upside with 25220 & 25400 as targets.

Comment:

The RSI calls for a drop.