Pivot Trading 101: 158.55 on USDJPY / 4790 on Gold – Key Levels to Watch

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: towards 159.50.

Pivot:158.55

Our preference:

Long positions above 158.55 with targets at 159.20 & 159.50 in extension.

Alternative scenario:

Below 158.55 look for further downside with 158.20 & 157.80 as targets.

Comment:

The RSI is bullish and calls for further upside.

EURUSD

EUR/USD Intraday: the bias remains bullish.

Pivot:1.1755

Our preference:

Long positions above 1.1755 with targets at 1.1800 & 1.1820 in extension.

Alternative scenario:

Below 1.1755 look for further downside with 1.1740 & 1.1725 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

GBPUSD

GBP/USD Intraday: intraday support around 1.3500.

Pivot:1.3500

Our preference:

Long positions above 1.3500 with targets at 1.3550 & 1.3570 in extension.

Alternative scenario:

Below 1.3500 look for further downside with 1.3485 & 1.3470 as targets.

Comment:

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

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ Intraday: bullish bias above 85.50.

Pivot:85.50

Our preference:

Long positions above 85.50 with targets at 87.70 & 88.50 in extension.

Alternative scenario:

Below 85.50 look for further downside with 83.90 & 81.75 as targets.

Comment:

A support base at 85.50 has formed and has allowed for a temporary stabilisation.

GOLD

Gold Intraday: rebound.

Pivot:4790

Our preference:

Long positions above 4790 with targets at 4835 & 4855 in extension.

Alternative scenario:

Below 4790 look for further downside with 4767 & 4735 as targets.

Comment:

The RSI is mixed with a bullish bias.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: target 50125.

Pivot:49330

Our preference:

Long positions above 49330 with targets at 49910 & 50125 in extension.

Alternative scenario:

Below 49330 look for further downside with 49090 & 48910 as targets.

Comment:

The RSI is above its neutrality area at 50%.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: the upside prevails.

Pivot:26620

Our preference:

Long positions above 26620 with targets at 26880 & 26950 in extension.

Alternative scenario:

Below 26620 look for further downside with 26530 & 26430 as targets.

Comment:

The RSI is bullish and calls for further advance.

S&P 500 (CME)

S&P 500 (CME)‎ (M6)‎ Intraday: rebound expected.

Pivot:7122

Our preference:

Long positions above 7122 with targets at 7165 & 7185 in extension.

Alternative scenario:

Below 7122 look for further downside with 7100 & 7085 as targets.

Comment:

The next resistances are at 7165 and then at 7185.