The Daily Pip: A Market Analysis

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: The bias remains bullish.

Pivot:158.85

Our preference:

Long positions above 158.85 with targets at 159.30 & 159.50 in extension.

Alternative scenario:

Below 158.85 look for further downside with 158.65 & 158.45 as targets.

Comment:

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

EURUSD

EUR/USD Intraday: watch 1.1750.

Pivot:1.1805

Our preference:

Short positions below 1.1805 with targets at 1.1765 & 1.1750 in extension.

Alternative scenario:

Above 1.1805 look for further upside with 1.1820 & 1.1835 as targets.

Comment:

As long as the resistance at 1.1805 is not surpassed, the risk of the break below 1.1765 remains high.

GBPUSD

EUR/USD Intraday: watch 1.1750.

Pivot:1.1805

Our preference:

Short positions below 1.1805 with targets at 1.1765 & 1.1750 in extension.

Alternative scenario:

Above 1.1805 look for further upside with 1.1820 & 1.1835 as targets.

Comment:

As long as the resistance at 1.1805 is not surpassed, the risk of the break below 1.1765 remains high.

CRUDE OIL

Crude Oil (WTI)‎ (M6)‎ Intraday: the bias remains bullish.

Pivot:89.00

Our preference:

Long positions above 89.00 with targets at 90.80 & 91.80 in extension.

Alternative scenario:

Below 89.00 look for further downside with 88.10 & 87.30 as targets.

Comment:

The RSI has just landed on its neutrality area at 50% and is turning up.

GOLD

Gold Intraday: key resistance at 4812.

Pivot:4812

Our preference:

Short positions below 4812 with targets at 4770 & 4755 in extension.

Alternative scenario:

Above 4812 look for further upside with 4833 & 4853 as targets.

Comment:

As long as the resistance at 4812 is not surpassed, the risk of the break below 4770 remains high.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: aim @ 49090.

Pivot:48660

Our preference:

Long positions above 48660 with targets at 48910 & 49090 in extension.

Alternative scenario:

Below 48660 look for further downside with 48520 & 48380 as targets.

Comment:

The RSI is bullish and calls for further upside.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: 26800 in sight.

Pivot:26270

Our preference:

Long positions above 26270 with targets at 26800 & 26950 in extension.

Alternative scenario:

Below 26270 look for further downside with 26050 & 25830 as targets.

Comment:

The RSI is above its neutrality area at 50%.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: further advance.

Pivot:7045

Our preference:

Long positions above 7045 with targets at 7115 & 7150 in extension.

Alternative scenario:

Below 7045 look for further downside with 7015 & 6988 as targets.

Comment:

The next resistances are at 7115 and then at 7150.