Pound under pressure, but everything else is pointing higher

MARKET ANALYSIS

USDJPY

USD/JPY intraday: supported by a rising trend line.

Pivot:

156.75

Our preference:

Long positions above 156.75 with targets at 157.50 & 157.75 in extension.

Alternative scenario:

Below 156.75 look for further downside with 156.45 & 156.15 as targets.

Comment:

The RSI lacks downward momentum.

EURUSD

EUR/USD intraday: bullish bias above 1.1760.

Pivot:

1.1760

Our preference:

Long positions above 1.1760 with targets at 1.1790 & 1.1805 in extension.

Alternative scenario:

Below 1.1760 look for further downside with 1.1745 & 1.1730 as targets.

Comment:

The next resistances are at 1.1790 and then at 1.1805.

GBPUSD

GBP/USD intraday: watch 1.3585.

Pivot:

1.3635

Our preference:

Short positions below 1.3635 with targets at 1.3585 & 1.3560 in extension.

Alternative scenario:

Above 1.3635 look for further upside with 1.3655 & 1.3675 as targets.

Comment:

A break below 1.3585 would trigger a drop towards 1.3560.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ intraday: intraday support around 96.15.

Pivot:

96.15

Our preference:

Long positions above 96.15 with targets at 100.35 & 101.85 in extension.

Alternative scenario:

Below 96.15 look for further downside with 93.85 & 91.95 as targets.

Comment:

A support base at 96.15 has formed and has allowed for a temporary stabilisation.

GOLD

Gold intraday: further advance.

Pivot:

4705

Our preference:

Long positions above 4705 with targets at 4795 & 4830 in extension.

Alternative scenario:

Below 4705 look for further downside with 4680 & 4650 as targets.

Comment:

The RSI shows upside momentum.

DOW JONES

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

Pivot:

49460

Our preference:

Long positions above 49460 with targets at 49960 & 50170 in extension.

Alternative scenario:

Below 49460 look for further downside with 49340 & 49220 as targets.

Comment:

The RSI advocates for further advance.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ intraday: the upside prevails.

Pivot:

29220

Our preference:

Long positions above 29220 with targets at 29610 & 29750 in extension.

Alternative scenario:

Below 29220 look for further downside with 29100 & 28930 as targets.

Comment:

The RSI is bullish and calls for further advance.

S&P 500

S&P 500 (CME)‎ (M6)‎ intraday: look for 7480.

Pivot:

7410

Our preference:

Long positions above 7410 with targets at 7455 & 7480 in extension.

Alternative scenario:

Below 7410 look for further downside with 7390 & 7370 as targets.

Comment:

The RSI is mixed with a bullish bias.