Key Levels Informing Strategy

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 159.40.

Pivot:

159.40

Our preference:

Long positions above 159.40 with targets at 159.85 & 160.00 in extension.

Alternative scenario:

Below 159.40 look for further downside with 159.25 & 159.10 as targets.

Comment:

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

EURUSD

EUR/USD Intraday: key resistance at 1.1555.

Pivot:

1.1555

Our preference:

Short positions below 1.1555 with targets at 1.1520 & 1.1505 in extension.

Alternative scenario:

Above 1.1555 look for further upside with 1.1570 & 1.1585 as targets.

Comment:

As long as the resistance at 1.1555 is not surpassed, the risk of the break below 1.1520 remains high.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:

1.3370

Our preference:

Short positions below 1.3370 with targets at 1.3310 & 1.3290 in extension.

Alternative scenario:

Above 1.3370 look for further upside with 1.3390 & 1.3410 as targets.

Comment:

A break below 1.3310 would trigger a drop towards 1.3290.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: intraday support around 92.20.

Pivot:

92.20

Our preference:

Long positions above 92.20 with targets at 95.30 & 97.00 in extension.

Alternative scenario:

Below 92.20 look for further downside with 90.70 & 89.50 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

GOLD

Gold Intraday: key resistance at 4470.

Pivot:

4470

Our preference:

Short positions below 4470 with targets at 4350 & 4300 in extension.

Alternative scenario:

Above 4470 look for further upside with 4535 & 4600 as targets.

Comment:

As long as the resistance at 4470 is not surpassed, the risk of the break below 4350 remains high.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: target 46040.

Pivot:

46760

Our preference:

Short positions below 46760 with targets at 46040 & 45700 in extension.

Alternative scenario:

Above 46760 look for further upside with 47030 & 47210 as targets.

Comment:

As long as 46760 is resistance, look for choppy price action with a bearish bias.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: towards 23600.

Pivot:

24020

Our preference:

Short positions below 24020 with targets at 23600 & 23500 in extension.

Alternative scenario:

Above 24020 look for further upside with 24200 & 24330 as targets.

Comment:

As long as 24020 is resistance, likely decline to 23600.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: aim @ 6485.

Pivot:

6595

Our preference:

Short positions below 6595 with targets at 6485 & 6450 in extension.

Alternative scenario:

Above 6595 look for further upside with 6635 & 6685 as targets.

Comment:

As long as 6595 is resistance, likely decline to 6485.