FX & Commodities Up; Greenback Weakens, Stocks Under Pressure

MARKET ANALYSIS

USDJPY

USD/JPY intraday : 152.27 in sight

Our pivot point is at 153.91.

Our preference:

The downside prevails as long as 153.91 is resistance, with 152.27 and 151.85 as targets

Alternative scenario:

Above 153.91, look for 154.61 and 155.02.

Comment:

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The price stands below its 20 and 50 period moving average (respectively at 153.49 and 153.47).

EURUSD

EUR/USD intraday : Target 1.1674

Our pivot point is at 1.1620.

Our preference:

The upside prevails as long as 1.1620 is support, with 1.1674 and 1.1687 as targets

Alternative scenario:

Below 1.1620, expect 1.1597 and 1.1584.

Comment:

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The price is above its 20 and 50 period moving average (respectively at 1.1636 and 1.1635).

GBPUSD

GBP/USD intraday : Throwback or further upside？

Our pivot point is at 1.3498.

Our preference:

The upside prevails as long as 1.3498 is support, with 1.3572 and 1.3587 as targets

Alternative scenario:

Below 1.3498, expect 1.3472 and 1.3457.

Comment:

Prices are now within reach of our first target, a level that could invite the price to consolidate. On the flip side, a clear break above it may well sustain the upward move.

GOLD

Gold intraday : Watch 4,470

Our pivot point is at 4,359.

Our preference:

The upside prevails as long as 4,359 is support, with 4,470 and 4,501 as targets

Alternative scenario:

Below 4,359, expect 4,307 and 4,276.

Comment:

The MACD is below its signal line and positive. The price is below its 20 period moving average (4,406) but above its 50 period moving average (4,395).

CRUDE OIL

Crude Oil (WTI)‎ (V6)‎ intraday: the upside prevails.

Pivot:94.65

Our preference:

Long positions above 94.65 with targets at 97.90 & 99.30 in extension.

Alternative scenario:

Below 94.65 look for further downside with 93.10 & 91.85 as targets.

Comment:

The RSI shows upside momentum.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: towards 52190.

Pivot:52770

Our preference:

Short positions below 52770 with targets at 52190 & 51930 in extension.

Alternative scenario:

Above 52770 look for further upside with 53150 & 53500 as targets.

Comment:

The RSI calls for a new downleg.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: the downside prevails.

Pivot:29770

Our preference:

Short positions below 29770 with targets at 29330 & 29170 in extension.

Alternative scenario:

Above 29770 look for further upside with 29920 & 30050 as targets.

Comment:

As long as 29770 is resistance, look for choppy price action with a bearish bias.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: under pressure.

Pivot:7691

Our preference:

Short positions below 7691 with targets at 7618 & 7566 in extension.

Alternative scenario:

Above 7691 look for further upside with 7728 & 7750 as targets.

Comment:

The RSI is bearish and calls for further decline.