Selective Strength: Euro & Gold Lead While Pound & Energy Retreat

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Target 157.41

Our pivot point is at 158.43.

Our preference:

Under pressure below 158.43, with 157.41 and 157.17 as targets

Alternative scenario:

Above 158.43, look for 158.84 and 159.08.

Comment:

The MACD is above its signal line and negative. The price stands above its 20 period moving average (157.96) but below its 50 period moving average (158.06).

EURUSD

EUR/USD intraday : 1.1237 expected

Our pivot point is at 1.1194.

Our preference:

The upside prevails as long as 1.1194 is support, with 1.1237 and 1.1248 as targets

Alternative scenario:

Below 1.1194, expect 1.1175 and 1.1163.

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 1.1208 and 1.1200).

GBPUSD

GBP/USD intraday : Risk escalating

Our pivot point is at 1.3244.

Our preference:

The downside prevails as long as 1.3244 is resistance, with 1.3176 and 1.3161 as targets

Alternative scenario:

Above 1.3244, look for 1.3269 and 1.3284.

Comment:

Price is close to our pivot level; this could be the last opportunity for a reversal.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (X6)‎ intraday: consolidation in place.

Pivot:

93.20

Our preference:

Short positions below 93.20 with targets at 89.30 & 88.00 in extension.

Alternative scenario:

Above 93.20 look for further upside with 94.50 & 96.00 as targets.

Comment:

As long as 93.20 is resistance, look for choppy price action with a bearish bias.

GOLD

Gold intraday : The upside prevails as long as 4,105 is support

Our pivot point is at 4,105.

Our preference:

The upside prevails as long as 4,105 is support, with 4,191 and 4,215 as targets

Alternative scenario:

Below 4,105, expect 4,066 and 4,042.

Comment:

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. The price is above its 20 and 50 period moving average (respectively at 4,130 and 4,126).

DOW JONES

Dow Jones (CME)‎ (Z6)‎ intraday: rebound expected.

Pivot:

51200

Our preference:

Long positions above 51200 with targets at 51785 & 51965 in extension.

Alternative scenario:

Below 51200 look for further downside with 50915 & 50700 as targets.

Comment:

The RSI calls for a rebound.

NASDAQ 100

Nasdaq 100 (CME)‎ (Z6)‎ intraday: key resistance at 31370.

Pivot:

31370

Our preference:

Short positions below 31370 with targets at 30790 & 30520 in extension.

Alternative scenario:

Above 31370 look for further upside with 31610 & 31800 as targets.

Comment:

As long as the resistance at 31370 is not surpassed, the risk of the break below 30790 remains high.

S&P 500

S&P 500 (CME)‎ (Z6)‎ intraday: key resistance at 7858.

Pivot:

7858

Our preference:

Short positions below 7858 with targets at 7784 & 7750 in extension.

Alternative scenario:

Above 7858 look for further upside with 7897 & 7925 as targets.

Comment:

As long as 7858 is resistance, look for choppy price action with a bearish bias.