Structure vs Noise: Market Test

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: 157.00 in sight.

Pivot:158.55

Our preference:

Short positions below 158.55 with targets at 157.50 & 157.00 in extension.

Alternative scenario:

Above 158.55 look for further upside with 159.00 & 159.40 as targets.

Comment:

As long as the resistance at 158.55 is not surpassed, the risk of the break below 157.50 remains high.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:1.1510

Our preference:

Long positions above 1.1510 with targets at 1.1615 & 1.1650 in extension.

Alternative scenario:

Below 1.1510 look for further downside with 1.1480 & 1.1445 as targets.

Comment:

The RSI is bullish and calls for further advance.

GBPUSD

GBP/USD Intraday: further advance.

Pivot:1.3340

Our preference:

Long positions above 1.3340 with targets at 1.3465 & 1.3520 in extension.

Alternative scenario:

Below 1.3340 look for further downside with 1.3290 & 1.3245 as targets.

Comment:

The RSI advocates for further upside.

CRUDE OIL

Crude Oil (WTI)‎ (K6)‎ Intraday: target 91.45.

Pivot:96.20

Our preference:

Short positions below 96.20 with targets at 91.45 & 90.00 in extension.

Alternative scenario:

Above 96.20 look for further upside with 98.50 & 100.50 as targets.

Comment:

The RSI is bearish and calls for further decline.

GOLD

Gold Intraday: bullish bias above 4570.

Pivot:4570

Our preference:

Long positions above 4570 with targets at 4710 & 4810 in extension.

Alternative scenario:

Below 4570 look for further downside with 4500 & 4455 as targets.

Comment:

The RSI is below its neutrality area at 50% but reversing up.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: range.

Pivot:46620

Our preference:

Short positions below 46620 with targets at 46030 & 45700 in extension.

Alternative scenario:

Above 46620 look for further upside with 47000 & 47280 as targets.

Comment:

The RSI is around its neutrality area at 50%

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: choppy.

Pivot:24750

Our preference:

Short positions below 24750 with targets at 24330 & 24200 in extension.

Alternative scenario:

Above 24750 look for further upside with 24980 & 25210 as targets.

Comment:

The RSI is mixed.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: caution.

Pivot:6695

Our preference:

Short positions below 6695 with targets at 6610 & 6575 in extension.

Alternative scenario:

Above 6695 look for further upside with 6715 & 6764 as targets.

Comment:

Intraday technical indicators are mixed.