April 30 Analysis: Divergence across FX, metals, energy & indices

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 159.90.

Pivot:

159.90

Our preference:

Long positions above 159.90 with targets at 160.50 & 160.70 in extension.

Alternative scenario:

Below 159.90 look for further downside with 159.70 & 159.50 as targets.

Comment:

The RSI is above its neutrality area at 50%.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:

1.1700

Our preference:

Short positions below 1.1700 with targets at 1.1660 & 1.1640 in extension.

Alternative scenario:

Above 1.1700 look for further upside with 1.1720 & 1.1740 as targets.

Comment:

As long as the resistance at 1.1700 is not surpassed, the risk of the break below 1.1660 remains high.

GBPUSD

GBP/USD Intraday: key resistance at 1.3500.

Pivot:

1.3500

Our preference:

Short positions below 1.3500 with targets at 1.3455 & 1.3440 in extension.

Alternative scenario:

Above 1.3500 look for further upside with 1.3515 & 1.3530 as targets.

Comment:

As long as 1.3500 is resistance, look for choppy price action with a bearish bias.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ Intraday: bullish bias above 106.30.

Pivot:

106.30

Our preference:

Long positions above 106.30 with targets at 110.00 & 112.00 in extension.

Alternative scenario:

Below 106.30 look for further downside with 103.80 & 101.80 as targets.

Comment:

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

GOLD

Gold Intraday: aim @ 4480.

Pivot:

4580

Our preference:

Short positions below 4580 with targets at 4520 & 4480 in extension.

Alternative scenario:

Above 4580 look for further upside with 4610 & 4635 as targets.

Comment:

As long as the resistance at 4580 is not surpassed, the risk of the break below 4520 remains high.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: further advance.

Pivot:

27300

Our preference:

Long positions above 27300 with targets at 27540 & 27680 in extension.

Alternative scenario:

Below 27300 look for further downside with 27150 & 27020 as targets.

Comment:

The RSI is bullish and calls for further upside.

S&P 500

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

Pivot:

7155

Our preference:

Long positions above 7155 with targets at 7208 & 7223 in extension.

Alternative scenario:

Below 7155 look for further downside with 7135 & 7115 as targets.

Comment:

The RSI calls for a bounce.

DOW JONES

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

Pivot:

49000

Our preference:

Short positions below 49000 with targets at 48650 & 48530 in extension.

Alternative scenario:

Above 49000 look for further upside with 49150 & 49230 as targets.

Comment:

The RSI is bearish and calls for further decline.