Market Movement Creating Insight

MARKET ANALYSIS

USD/JPY

USD/JPY Intraday: bullish bias above 157.40.

Pivot:157.40

Our preference:

Long positions above 157.40 with targets at 157.95 & 158.25 in extension.

Alternative scenario:

Below 157.40 look for further downside with 157.10 & 156.80 as targets.

Comment:

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

EURUSD

EUR/USD Intraday: rebound in sight.

Pivot:1.1565

Our preference:

Long positions above 1.1565 with targets at 1.1645 & 1.1675 in extension.

Alternative scenario:

Below 1.1565 look for further downside with 1.1530 & 1.1500 as targets.

Comment:

The RSI calls for a bounce.

GBPUSD

GBP/USD Intraday: rebound expected.

Pivot:1.3305

Our preference:

Long positions above 1.3305 with targets at 1.3390 & 1.3420 in extension.

Alternative scenario:

Below 1.3305 look for further downside with 1.3275 & 1.3250 as targets.

Comment:

The RSI is bullish and calls for further upside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: towards 77.90.

Pivot:72.80

Our preference:

Long positions above 72.80 with targets at 76.60 & 77.90 in extension.

Alternative scenario:

Below 72.80 look for further downside with 71.60 & 70.40 as targets.

Comment:

The RSI has just landed on its neutrality area at 50% and is turning up.

GOLD

Gold Intraday: watch 5050.

Pivot:5175

Our preference:

Short positions below 5175 with targets at 5050 & 4995 in extension.

Alternative scenario:

Above 5175 look for further upside with 5260 & 5335 as targets.

Comment:

The RSI is below its neutrality area at 50%

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: towards 25090.

Pivot:24590

Our preference:

Long positions above 24590 with targets at 24930 & 25090 in extension.

Alternative scenario:

Below 24590 look for further downside with 24350 & 24100 as targets.

Comment:

The next resistances are at 24930 and then at 25090.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: towards 6910.

Pivot:6770

Our preference:

Long positions above 6770 with targets at 6852 & 6910 in extension.

Alternative scenario:

Below 6770 look for further downside with 6720 & 6679 as targets.

Comment:

The next resistances are at 6852 and then at 6910.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: intraday support around 48310.

Pivot:48310

Our preference:

Long positions above 48310 with targets at 48880 & 49130 in extension.

Alternative scenario:

Below 48310 look for further downside with 47950 & 47680 as targets.

Comment:

The next resistances are at 48880 and then at 49130.