Euro, Pound, Gold, and Tech rally this morning; Yen, Oil, and the Dow pause.

MARKET ANALYSIS

USDJPY

USD/JPY intraday: watch 158.90.

Pivot:159.45

Our preference:

Short positions below 159.45 with targets at 159.10 & 158.90 in extension.

Alternative scenario:

Above 159.45 look for further upside with 159.65 & 159.80 as targets.

Comment:

As long as the resistance at 159.45 is not surpassed, the risk of the break below 159.10 remains high.

EURUSD

EUR/USD intraday: the upside prevails.

Pivot:1.1620

Our preference:

Long positions above 1.1620 with targets at 1.1670 & 1.1690 in extension.

Alternative scenario:

Below 1.1620 look for further downside with 1.1600 & 1.1585 as targets.

Comment:

The RSI is bullish and calls for further upside.

GBPUSD

GBP/USD intraday: bullish bias above 1.3410.

Pivot:1.3410

Our preference:

Long positions above 1.3410 with targets at 1.3460 & 1.3485 in extension.

Alternative scenario:

Below 1.3410 look for further downside with 1.3385 & 1.3365 as targets.

Comment:

The RSI calls for a bounce.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (N6)‎ intraday: expect 85.90.

Pivot:90.00

Our preference:

Short positions below 90.00 with targets at 87.10 & 85.90 in extension.

Alternative scenario:

Above 90.00 look for further upside with 91.50 & 92.50 as targets.

Comment:

The RSI is bearish and calls for further decline.

GOLD

Gold intraday: bullish bias above 4460.

Pivot:4460

Our preference:

Long positions above 4460 with targets at 4520 & 4550 in extension.

Alternative scenario:

Below 4460 look for further downside with 4402 & 4365 as targets.

Comment:

The RSI is bullish and calls for further advance.

DOW JONES

Dow Jones (CME)‎ (M6)‎ intraday: consolidation in place.

Pivot:50860

Our preference:

Short positions below 50860 with targets at 50505 & 50420 in extension.

Alternative scenario:

Above 50860 look for further upside with 50960 & 51060 as targets.

Comment:

The index currently faces a challenging resistance area at 50860.

NASDAQ 100

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

Pivot:30150

Our preference:

Long positions above 30150 with targets at 30400 & 30500 in extension.

Alternative scenario:

Below 30150 look for further downside with 30070 & 29980 as targets.

Comment:

The next resistances are at 30400 and then at 30500.

S&P 500

S&P 500 (CME)‎ (M6)‎ intraday: further upside.

Pivot:7555

Our preference:

Long positions above 7555 with targets at 7600 & 7630 in extension.

Alternative scenario:

Below 7555 look for further downside with 7535 & 7518 as targets.

Comment:

The break above 7555 is a positive signal that has opened a path to 7600.