Positioning for the Week Ahead

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: further advance.

Pivot:

158.30

Our preference:

Long positions above 158.30 with targets at 159.50 & 160.00 in extension.

Alternative scenario:

Below 158.30 look for further downside with 157.95 & 157.60 as targets.

Comment:

The RSI is bullish and calls for further upside.

EURUSD

EUR/USD Intraday: under pressure.

Pivot:

1.1785

Our preference:

Short positions below 1.1785 with targets at 1.1710 & 1.1680 in extension.

Alternative scenario:

Above 1.1785 look for further upside with 1.1815 & 1.1845 as targets.

Comment:

The RSI has broken down its 30 level.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:

1.3535

Our preference:

Short positions below 1.3535 with targets at 1.3460 & 1.3425 in extension.

Alternative scenario:

Above 1.3535 look for further upside with 1.3570 & 1.3600 as targets.

Comment:

The RSI calls for a new downleg.

CRUDE OIL

Crude Oil (WTI)‎ (M6)‎ Intraday: rebound.

Pivot:

85.50

Our preference:

Long positions above 85.50 with targets at 90.25 & 91.80 in extension.

Alternative scenario:

Below 85.50 look for further downside with 84.00 & 81.80 as targets.

Comment:

The RSI advocates for further advance.

GOLD

Gold Intraday: watch 4725.

Pivot:

4805

Our preference:

Short positions below 4805 with targets at 4725 & 4700 in extension.

Alternative scenario:

Above 4805 look for further upside with 4835 & 4865 as targets.

Comment:

The RSI has broken down its 30 level.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: consolidation.

Pivot:

26840

Our preference:

Short positions below 26840 with targets at 26500 & 26300 in extension.

Alternative scenario:

Above 26840 look for further upside with 26950 & 27140 as targets.

Comment:

As long as the resistance at 26840 is not surpassed, the risk of the break below 26500 remains high.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: under pressure.

Pivot:

7150

Our preference:

Short positions below 7150 with targets at 7085 & 7050 in extension.

Alternative scenario:

Above 7150 look for further upside with 7185 & 7220 as targets.

Comment:

A break below 7085 would trigger a drop towards 7050.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: the downside prevails.

Pivot:

49610

Our preference:

Short positions below 49610 with targets at 48910 & 48660 in extension.

Alternative scenario:

Above 49610 look for further upside with 49910 & 50125 as targets.

Comment:

The RSI calls for a drop.