Weekly Market Verdict

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the upside prevails.

Pivot:

154.10

Our preference:

Long positions above 154.10 with targets at 155.00 & 155.30 in extension.

Alternative scenario:

Below 154.10 look for further downside with 153.75 & 153.35 as targets.

Comment:

The break above 154.10 is a positive signal that has opened a path to 155.00.

EURUSD

EUR/USD Intraday: watch 1.1765.

Pivot:

1.1820

Our preference:

Short positions below 1.1820 with targets at 1.1765 & 1.1745 in extension.

Alternative scenario:

Above 1.1820 look for further upside with 1.1840 & 1.1860 as targets.

Comment:

A break below 1.1765 would trigger a drop towards 1.1745.

GBPUSD

GBP/USD Intraday: towards 1.3460.

Pivot:

1.3535

Our preference:

Short positions below 1.3535 with targets at 1.3460 & 1.3440 in extension.

Alternative scenario:

Above 1.3535 look for further upside with 1.3560 & 1.3580 as targets.

Comment:

As long as 1.3535 is resistance, likely decline to 1.3460.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: towards 66.00.

Pivot:

64.45

Our preference:

Long positions above 64.45 with targets at 66.00 & 67.00 in extension.

Alternative scenario:

Below 64.45 look for further downside with 63.65 & 62.85 as targets.

Comment:

The immediate trend remains up and the momentum is strong.

GOLD

Gold Intraday: bullish bias above 4940.

Pivot:

4940

Our preference:

Long positions above 4940 with targets at 5010 & 5045 in extension.

Alternative scenario:

Below 4940 look for further downside with 4905 & 4870 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: key resistance at 25100.

Pivot:

25100

Our preference:

Short positions below 25100 with targets at 24800 & 24690 in extension.

Alternative scenario:

Above 25100 look for further upside with 25250 & 25410 as targets.

Comment:

As long as 25100 is resistance, look for choppy price action with a bearish bias.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: caution.

Pivot:

6908

Our preference:

Short positions below 6908 with targets at 6860 & 6840 in extension.

Alternative scenario:

Above 6908 look for further upside with 6925 & 6955 as targets.

Comment:

Intraday technical indicators are mixed and call for caution.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: key resistance at 49820.

Pivot:

49820

Our preference:

Short positions below 49820 with targets at 49490 & 49350 in extension.

Alternative scenario:

Above 49820 look for further upside with 49970 & 50080 as targets.

Comment:

The RSI is below its neutrality area at 50%