Three rising, three falling. Know your pivots, know your trades.

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 156.40.

Pivot:156.40

Our preference:

Long positions above 156.40 with targets at 157.30 & 157.65 in extension.

Alternative scenario:

Below 156.40 look for further downside with 156.00 & 155.60 as targets.

Comment:

A support base at 156.40 has formed and has allowed for a temporary stabilisation.

EURUSD

EUR/USD Intraday: under pressure.

Pivot:1.1785

Our preference:

Short positions below 1.1785 with targets at 1.1740 & 1.1720 in extension.

Alternative scenario:

Above 1.1785 look for further upside with 1.1800 & 1.1815 as targets.

Comment:

The RSI calls for a new downleg.

GBPUSD

GBP/USD Intraday: key resistance at 1.3635.

Pivot:1.3635

Our preference:

Short positions below 1.3635 with targets at 1.3550 & 1.3525 in extension.

Alternative scenario:

Above 1.3635 look for further upside with 1.3660 & 1.3685 as targets.

Comment:

As long as the resistance at 1.3635 is not surpassed, the risk of the break below 1.3550 remains high.

CRUDE OIL (WTI)

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

Pivot:96.20

Our preference:

Long positions above 96.20 with targets at 99.10 & 101.40 in extension.

Alternative scenario:

Below 96.20 look for further downside with 93.80 & 91.90 as targets.

Comment:

The RSI calls for a bounce.

GOLD

Gold Intraday: choppy.

Pivot:4745

Our preference:

Short positions below 4745 with targets at 4660 & 4625 in extension.

Alternative scenario:

Above 4745 look for further upside with 4765 & 4800 as targets.

Comment:

As long as 4745 is resistance, look for choppy price action with a bearish bias.

NASDAQ 100

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

Pivot:29100

Our preference:

Long positions above 29100 with targets at 29400 & 29600 in extension.

Alternative scenario:

Below 29100 look for further downside with 28930 & 28780 as targets.

Comment:

The next resistances are at 29400 and then at 29600.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: bullish bias above 7390.

Pivot:7390

Our preference:

Long positions above 7390 with targets at 7450 & 7475 in extension.

Alternative scenario:

Below 7390 look for further downside with 7370 & 7345 as targets.

Comment:

The RSI is above its neutrality area at 50%.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: bounce.

Pivot:49460

Our preference:

Long positions above 49460 with targets at 49760 & 49990 in extension.

Alternative scenario:

Below 49460 look for further downside with 49340 & 49220 as targets.

Comment:

The RSI is posting a bullish divergence (not confirmed yet).