Weekly Market Read: Early Signals

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the bias remains bullish.

Pivot:157.10

Our preference:

Long positions above 157.10 with targets at 157.85 & 158.20 in extension.

Alternative scenario:

Below 157.10 look for further downside with 156.75 & 156.45 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

EURUSD

EUR/USD Intraday: towards 1.1655.

Pivot:1.1570

Our preference:

Long positions above 1.1570 with targets at 1.1630 & 1.1655 in extension.

Alternative scenario:

Below 1.1570 look for further downside with 1.1550 & 1.1530 as targets.

Comment:

The RSI calls for a bounce.

GBPUSD

GBP/USD Intraday: watch 1.3400.

Pivot:1.3315

Our preference:

Long positions above 1.3315 with targets at 1.3375 & 1.3400 in extension.

Alternative scenario:

Below 1.3315 look for further downside with 1.3295 & 1.3275 as targets.

Comment:

The RSI advocates for further upside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: the bias remains bullish.

Pivot:77.70

Our preference:

Long positions above 77.70 with targets at 82.10 & 84.00 in extension.

Alternative scenario:

Below 77.70 look for further downside with 75.60 & 73.30 as targets.

Comment:

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

GOLD

Gold Intraday: key resistance at 5140.

Pivot:5140

Our preference:

Short positions below 5140 with targets at 4995 & 4945 in extension.

Alternative scenario:

Above 5140 look for further upside with 5195 & 5225 as targets.

Comment:

As long as 5140 is resistance, expect a return to 4995.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: caution.

Pivot:48140

Our preference:

Short positions below 48140 with targets at 47680 & 47550 in extension.

Alternative scenario:

Above 48140 look for further upside with 48300 & 48470 as targets.

Comment:

The index currently faces a challenging resistance area at 48140.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: bounce.

Pivot:24860

Our preference:

Long positions above 24860 with targets at 25245 & 25410 in extension.

Alternative scenario:

Below 24860 look for further downside with 24700 & 24530 as targets.

Comment:

The break above 24860 is a positive signal that has opened a path to 25245.

S&P 500

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

Pivot:6850

Our preference:

Short positions below 6850 with targets at 6772 & 6742 in extension.

Alternative scenario:

Above 6850 look for further upside with 6875 & 6895 as targets.

Comment:

The index currently faces a challenging resistance area at 6850.