Resistance is temporary. The charts are showing you where momentum is shifting.

MARKET ANALYSIS

USDJPY

USD/JPY intraday: consolidation.

Pivot:159.05

Our preference:

Short positions below 159.05 with targets at 158.60 & 158.35 in extension.

Alternative scenario:

Above 159.05 look for further upside with 159.30 & 159.50 as targets.

Comment:

As long as 159.05 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD intraday: bullish bias above 1.1630.

Pivot:1.1630

Our preference:

Long positions above 1.1630 with targets at 1.1670 & 1.1690 in extension.

Alternative scenario:

Below 1.1630 look for further downside with 1.1610 & 1.1590 as targets.

Comment:

The RSI advocates for further upside.

GBPUSD

GBP/USD intraday: watch 1.3480.

Pivot:1.3390

Our preference:

Long positions above 1.3390 with targets at 1.3450 & 1.3480 in extension.

Alternative scenario:

Below 1.3390 look for further downside with 1.3370 & 1.3345 as targets.

Comment:

The RSI is bullish and calls for further advance.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (N6)‎ intraday: rebound.

Pivot:101.10

Our preference:

Long positions above 101.10 with targets at 103.60 & 105.20 in extension.

Alternative scenario:

Below 101.10 look for further downside with 100.25 & 98.60 as targets.

Comment:

The RSI is mixed to bullish.

GOLD

Gold intraday: up turn.

Pivot:4535

Our preference:

Long positions above 4535 with targets at 4605 & 4640 in extension.

Alternative scenario:

Below 4535 look for further downside with 4500 & 4480 as targets.

Comment:

The RSI calls for a rebound.

DOW JONES

Dow Jones (CME)‎ (M6)‎ intraday: caution.

Pivot:

49850

Our preference:

Short positions below 49850 with targets at 49350 & 49140 in extension.

Alternative scenario:

Above 49850 look for further upside with 49980 & 50100 as targets.

Comment:

The index currently faces a challenging resistance area at 49850.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ intraday: key resistance at 29480.

Pivot:29480

Our preference:

Short positions below 29480 with targets at 28800 & 28600 in extension.

Alternative scenario:

Above 29480 look for further upside with 29630 & 29780 as targets.

Comment:

As long as 29480 is resistance, look for choppy price action with a bearish bias.

S&P 500

S&P 500 (CME)‎ (M6)‎ intraday: key resistance at 7453.

Pivot:7453

Our preference:

Short positions below 7453 with targets at 7373 & 7340 in extension.

Alternative scenario:

Above 7453 look for further upside with 7496 & 7537 as targets.

Comment:

The index currently faces a challenging resistance area at 7453.