Setting Up for the Week Ahead

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the bias remains bullish.

Pivot:159.25

Our preference:

Long positions above 159.25 with targets at 159.75 & 160.00 in extension.

Alternative scenario:

Below 159.25 look for further downside with 159.00 & 158.80 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

EURUSD

EUR/USD Intraday: under pressure.

Pivot:1.1470

Our preference:

Short positions below 1.1470 with targets at 1.1400 & 1.1370 in extension.

Alternative scenario:

Above 1.1470 look for further upside with 1.1490 & 1.1510 as targets.

Comment:

The RSI is bearish and calls for further downside.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:1.3280

Our preference:

Short positions below 1.3280 with targets at 1.3210 & 1.3180 in extension.

Alternative scenario:

Above 1.3280 look for further upside with 1.3310 & 1.3340 as targets.

Comment:

A break below 1.3210 would trigger a drop towards 1.3180.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: the upside prevails.

Pivot:94.80

Our preference:

Long positions above 94.80 with targets at 99.00 & 101.10 in extension.

Alternative scenario:

Below 94.80 look for further downside with 93.20 & 91.10 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold Intraday: towards 4900.

Pivot:5055

Our preference:

Short positions below 5055 with targets at 4945 & 4900 in extension.

Alternative scenario:

Above 5055 look for further upside with 5090 & 5125 as targets.

Comment:

The RSI has broken down its 30 level.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: key resistance at 24780.

Pivot:24780

Our preference:

Short positions below 24780 with targets at 24420 & 24220 in extension.

Alternative scenario:

Above 24780 look for further upside with 24900 & 25010 as targets.

Comment:

Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: key resistance at 6725.

Pivot:6725

Our preference:

Short positions below 6725 with targets at 6660 & 6630 in extension.

Alternative scenario:

Above 6725 look for further upside with 6760 & 6785 as targets.

Comment:

Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

DOW JONES

S&P 500 (CME)‎ (M6)‎ Intraday: key resistance at 6725.

Pivot:6725

Our preference:

Short positions below 6725 with targets at 6660 & 6630 in extension.

Alternative scenario:

Above 6725 look for further upside with 6760 & 6785 as targets.

Comment:

Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.