Choppy waters, clear strategy. Short on USDJPY & Gold – stay the course.

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: choppy.

Pivot:159.85

Our preference:

Short positions below 159.85 with targets at 159.30 & 159.10 in extension.

Alternative scenario:

Above 159.85 look for further upside with 160.00 & 160.20 as targets.

Comment:

As long as 159.85 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD Intraday: intraday support around 1.1685.

Pivot:1.1685

Our preference:

Long positions above 1.1685 with targets at 1.1725 & 1.1740 in extension.

Alternative scenario:

Below 1.1685 look for further downside with 1.1670 & 1.1655 as targets.

Comment:

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

GBPUSD

GBP/USD Intraday: bullish bias above 1.3480.

Pivot:1.3480

Our preference:

Long positions above 1.3480 with targets at 1.3540 & 1.3555 in extension.

Alternative scenario:

Below 1.3480 look for further downside with 1.3465 & 1.3450 as targets.

Comment:

The next resistances are at 1.3540 and then at 1.3555.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ Intraday: further advance.

Pivot:94.10

Our preference:

Long positions above 94.10 with targets at 97.80 & 100.00 in extension.

Alternative scenario:

Below 94.10 look for further downside with 92.40 & 91.00 as targets.

Comment:

The RSI is bullish and calls for further advance.

GOLD

Gold Intraday: choppy.

Pivot:4715

Our preference:

Short positions below 4715 with targets at 4657 & 4635 in extension.

Alternative scenario:

Above 4715 look for further upside with 4740 & 4770 as targets.

Comment:

As long as 4715 is resistance, look for choppy price action with a bearish bias.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: 49090 expected.

Pivot:49550

Our preference:

Short positions below 49550 with targets at 49090 & 48870 in extension.

Alternative scenario:

Above 49550 look for further upside with 49770 & 50000 as targets.

Comment:

The RSI has just struck against its neutrality area at 50% and is reversing down.

NASDAQ 100

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

Pivot:27330

Our preference:

Long positions above 27330 with targets at 27600 & 27700 in extension.

Alternative scenario:

Below 27330 look for further downside with 27140 & 27010 as targets.

Comment:

Investors have to remain cautious since these levels may trigger profit taking.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: intraday support around 7170.

Pivot:7170

Our preference:

Long positions above 7170 with targets at 7220 & 7245 in extension.

Alternative scenario:

Below 7170 look for further downside with 7135 & 7115 as targets.

Comment:

Investors have to remain cautious since these levels may trigger profit taking.