Gold Surges, Oil Drops, Equities Hold—Pivots Are Key

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Expect 158.04

Our pivot point is at 157.35.

Our preference:

The upside prevails as long as 157.35 is support, with 158.04 and 158.21 as targets

Alternative scenario:

Below 157.35, expect 157.08 and 156.91.

Comment:

The MACD is below its signal line and positive. The price is below its 20 period moving average (157.67) but above its 50 period moving average (157.65).

EURUSD

EUR/USD intraday : Look for 1.1578

Our pivot point is at 1.1522.

Our preference:

The upside prevails as long as 1.1522 is support, with 1.1578 and 1.1592 as targets

Alternative scenario:

Below 1.1522, expect 1.1499 and 1.1485.

Comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price is above its 20 and 50 period moving average (respectively at 1.1552 and 1.1544).

GBPUSD

GBP/USD intraday : Risk escalating

Our pivot point is at 1.3486.

Our preference:

The downside prevails as long as 1.3486 is resistance, with 1.3416 and 1.3396 as targets

Alternative scenario:

Above 1.3486, look for 1.3519 and 1.3538.

Comment:

The asset price is approaching our pivot level, which represents one of the last opportunities for the asset to reverse its recent trend.

CRUDE OIL

Crude Oil (WTI)‎ (U6)‎ intraday: key resistance at 76.70.

Pivot:

76.70

Our preference:

Short positions below 76.70 with targets at 74.00 & 72.60 in extension.

Alternative scenario:

Above 76.70 look for further upside with 78.40 & 79.90 as targets.

Comment:

The RSI lacks momentum.

GOLD

Gold intraday : 4,311 expected

Our pivot point is at 4,213.

Our preference:

The upside prevails as long as 4,213 is support, with 4,311 and 4,333 as targets

Alternative scenario:

Below 4,213, expect 4,175 and 4,152.

Comment:

The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is below its signal line and positive. The price is above its 20 and 50 period moving average (respectively at 4,246 and 4,183).

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: the bias remains bullish.

Pivot:

54100

Our preference:

Long positions above 54100 with targets at 55060 & 55440 in extension.

Alternative scenario:

Below 54100 look for further downside with 53800 & 53490 as targets.

Comment:

The RSI is mixed and calls for caution.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: intraday support around 29430.

Pivot:

29430

Our preference:

Long positions above 29430 with targets at 30100 & 30520 in extension.

Alternative scenario:

Below 29430 look for further downside with 29230 & 28820 as targets.

Comment:

The RSI is mixed and calls for caution.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: the bias remains bullish.

Pivot:

7710

Our preference:

Long positions above 7710 with targets at 7820 & 7890 in extension.

Alternative scenario:

Below 7710 look for further downside with 7649 & 7568 as targets.

Comment:

The RSI is below its neutrality area at 50% but reversing up.