Midweek Market Overview

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: rebound expected.

Pivot:157.95

Our preference:

Long positions above 157.95 with targets at 159.00 & 159.40 in extension.

Alternative scenario:

Below 157.95 look for further downside with 157.60 & 157.30 as targets.

Comment:

The RSI calls for a rebound.

EURUSD

EUR/USD Intraday: under pressure.

Pivot:1.1695

Our preference:

Short positions below 1.1695 with targets at 1.1630 & 1.1610 in extension.

Alternative scenario:

Above 1.1695 look for further upside with 1.1720 & 1.1745 as targets.

Comment:

As long as 1.1695 is resistance, expect a return to 1.1630.

GBPUSD

GBP/USD Intraday: under pressure.

Pivot:1.3450

Our preference:

Short positions below 1.3450 with targets at 1.3360 & 1.3320 in extension.

Alternative scenario:

Above 1.3450 look for further upside with 1.3485 & 1.3520 as targets.

Comment:

The RSI lacks upward momentum.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: bullish bias above 93.60.

Pivot:93.60

Our preference:

Long positions above 93.60 with targets at 98.30 & 101.30 in extension.

Alternative scenario:

Below 93.60 look for further downside with 91.00 & 89.00 as targets.

Comment:

The RSI calls for a rebound.

GOLD

Gold Intraday: towards 4620.

Pivot:4775

Our preference:

Short positions below 4775 with targets at 4660 & 4620 in extension.

Alternative scenario:

Above 4775 look for further upside with 4810 & 4843 as targets.

Comment:

The RSI is bearish and calls for further downside.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: intraday support around 24860.

Pivot:24860

Our preference:

Long positions above 24860 with targets at 25250 & 25430 in extension.

Alternative scenario:

Below 24860 look for further downside with 24610 & 24400 as targets.

Comment:

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

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: bullish bias above 6780.

Pivot:6780

Our preference:

Long positions above 6780 with targets at 6847 & 6880 in extension.

Alternative scenario:

Below 6780 look for further downside with 6742 & 6708 as targets.

Comment:

The RSI lacks downward momentum.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: the upside prevails.

Pivot:47790

Our preference:

Long positions above 47790 with targets at 48260 & 48500 in extension.

Alternative scenario:

Below 47790 look for further downside with 47570 & 47350 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.