Week Ahead: Inflation's Impact

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bounce.

Pivot:

159.30

Our preference:

Long positions above 159.30 with targets at 160.15 & 160.45 in extension.

Alternative scenario:

Below 159.30 look for further downside with 159.00 & 158.65 as targets.

Comment:

The RSI calls for a bounce.

EURUSD

EUR/USD Intraday: turning down.

Pivot:

1.1715

Our preference:

Short positions below 1.1715 with targets at 1.1635 & 1.1610 in extension.

Alternative scenario:

Above 1.1715 look for further upside with 1.1740 & 1.1760 as targets.

Comment:

The RSI has broken down its 30 level.

GBPUSD

GBP/USD Intraday: turning down.

Pivot:

1.3445

Our preference:

Short positions below 1.3445 with targets at 1.3345 & 1.3310 in extension.

Alternative scenario:

Above 1.3445 look for further upside with 1.3475 & 1.3500 as targets.

Comment:

As long as the resistance at 1.3445 is not surpassed, the risk of the break below 1.3345 remains high.

CRUDE OIL

Crude Oil (WTI)‎ (K6)‎ Intraday: bounce.

Pivot:

100.00

Our preference:

Long positions above 100.00 with targets at 107.00 & 111.50 in extension.

Alternative scenario:

Below 100.00 look for further downside with 97.50 & 95.40 as targets.

Comment:

The RSI is bullish and calls for further upside.

GOLD

Gold Intraday: under pressure.

Pivot:

4715

Our preference:

Short positions below 4715 with targets at 4620 & 4580 in extension.

Alternative scenario:

Above 4715 look for further upside with 4760 & 4795 as targets.

Comment:

The RSI has broken down its 30 level.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: under pressure.

Pivot:

47950

Our preference:

Short positions below 47950 with targets at 47300 & 47000 in extension.

Alternative scenario:

Above 47950 look for further upside with 48170 & 48340 as targets.

Comment:

The RSI has broken down its 30 level.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: towards 24830.

Pivot:

25150

Our preference:

Short positions below 25150 with targets at 24830 & 24650 in extension.

Alternative scenario:

Above 25150 look for further upside with 25280 & 25390 as targets.

Comment:

The RSI is bearish and calls for further decline.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: the downside prevails.

Pivot:

6830

Our preference:

Short positions below 6830 with targets at 6730 & 6690 in extension.

Alternative scenario:

Above 6830 look for further upside with 6860 & 6888 as targets.

Comment:

The RSI has broken down its 30 level.