Rebounds everywhere. USDJPY, Gold, Indices – momentum is building.

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the bias remains bullish.

Pivot:

157.30

Our preference:

Long positions above 157.30 with targets at 157.95 & 158.30 in extension.

Alternative scenario:

Below 157.30 look for further downside with 157.00 & 156.70 as targets.

Comment:

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

EURUSD

EUR/USD Intraday: turning up.

Pivot:

1.1680

Our preference:

Long positions above 1.1680 with targets at 1.1740 & 1.1765 in extension.

Alternative scenario:

Below 1.1680 look for further downside with 1.1655 & 1.1635 as targets.

Comment:

The RSI calls for a new upleg.

GBPUSD

GBP/USD Intraday: rebound.

Pivot:

1.3520

Our preference:

Long positions above 1.3520 with targets at 1.3600 & 1.3630 in extension.

Alternative scenario:

Below 1.3520 look for further downside with 1.3490 & 1.3460 as targets.

Comment:

The RSI calls for a rebound.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ Intraday: 97.00 expected.

Pivot:

101.70

Our preference:

Short positions below 101.70 with targets at 98.50 & 97.00 in extension.

Alternative scenario:

Above 101.70 look for further upside with 102.80 & 103.80 as targets.

Comment:

The RSI has broken down its 30 level.

GOLD

Gold Intraday: continuation of the rebound.

Pivot:

4545

Our preference:

Long positions above 4545 with targets at 4605 & 4630 in extension.

Alternative scenario:

Below 4545 look for further downside with 4525 & 4500 as targets.

Comment:

The RSI is bullish and calls for further advance.

DOW JONES

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

Pivot:

49300

Our preference:

Long positions above 49300 with targets at 49700 & 49860 in extension.

Alternative scenario:

Below 49300 look for further downside with 49190 & 49010 as targets.

Comment:

The next resistances are at 49700 and then at 49860.

NASDAQ 100

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

Pivot:

28070

Our preference:

Long positions above 28070 with targets at 28500 & 28700 in extension.

Alternative scenario:

Below 28070 look for further downside with 27950 & 27780 as targets.

Comment:

The next resistances are at 28500 and then at 28700.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: towards 7363.

Pivot:

7280

Our preference:

Long positions above 7280 with targets at 7335 & 7363 in extension.

Alternative scenario:

Below 7280 look for further downside with 7250 & 7235 as targets.

Comment:

The RSI shows upside momentum.