Trends are clear. USDJPY & Oil climb – the rest? Watch the pivots.

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the upside prevails.

Pivot:156.60

Our preference:

Long positions above 156.60 with targets at 157.50 & 157.90 in extension.

Alternative scenario:

Below 156.60 look for further downside with 156.10 & 155.50 as targets.

Comment:

The next resistances are at 157.50 and then at 157.90.

EURUSD

EUR/USD Intraday: watch 1.1675.

Pivot:1.1720

Our preference:

Short positions below 1.1720 with targets at 1.1675 & 1.1655 in extension.

Alternative scenario:

Above 1.1720 look for further upside with 1.1740 & 1.1765 as targets.

Comment:

A break below 1.1675 would trigger a drop towards 1.1655.

GBPUSD

GBP/USD Intraday: capped by a negative trend line.

Pivot:1.3570

Our preference:

Short positions below 1.3570 with targets at 1.3505 & 1.3475 in extension.

Alternative scenario:

Above 1.3570 look for further upside with 1.3600 & 1.3630 as targets.

Comment:

The RSI lacks upward momentum.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ Intraday: bullish bias above 103.70.

Pivot:103.70

Our preference:

Long positions above 103.70 with targets at 107.40 & 108.50 in extension.

Alternative scenario:

Below 103.70 look for further downside with 102.20 & 100.50 as targets.

Comment:

The next resistances are at 107.40 and then at 108.50.

GOLD

Gold Intraday: under pressure.

Pivot:4560

Our preference:

Short positions below 4560 with targets at 4485 & 4465 in extension.

Alternative scenario:

Above 4560 look for further upside with 4580 & 4605 as targets.

Comment:

The RSI is bearish and calls for further downside.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: aim @ 48600.

Pivot:49260

Our preference:

Short positions below 49260 with targets at 48920 & 48600 in extension.

Alternative scenario:

Above 49260 look for further upside with 49580 & 49815 as targets.

Comment:

The RSI is below its neutrality area at 50%

NASDAQ 100

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

Pivot:27950

Our preference:

Short positions below 27950 with targets at 27535 & 27400 in extension.

Alternative scenario:

Above 27950 look for further upside with 28150 & 28300 as targets.

Comment:

The RSI is below its neutrality area at 50%

S&P 500 (CME)

S&P 500 (CME)‎ (M6)‎ Intraday: key resistance at 7245.

Pivot:7245

Our preference:

Short positions below 7245 with targets at 7185 & 7165 in extension.

Alternative scenario:

Above 7245 look for further upside with 7265 & 7280 as targets.

Comment:

As long as 7245 is resistance, likely decline to 7185.