Pre-CPI Tension: Markets Hold Breath

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: aim @ 159.30.

Pivot:

158.60

Our preference:

Long positions above 158.60 with targets at 159.30 & 159.65 in extension.

Alternative scenario:

Below 158.60 look for further downside with 158.30 & 157.95 as targets.

Comment:

The RSI advocates for further advance.

EURUSD

EUR/USD Intraday: bullish bias above 1.1670.

Pivot:

1.1670

Our preference:

Long positions above 1.1670 with targets at 1.1725 & 1.1745 in extension.

Alternative scenario:

Below 1.1670 look for further downside with 1.1650 & 1.1630 as targets.

Comment:

A support base at 1.1670 has formed and has allowed for a temporary stabilisation.

GBPUSD

GBP/USD Intraday: the bias remains bullish.

Pivot:

1.3385

Our preference:

Long positions above 1.3385 with targets at 1.3460 & 1.3485 in extension.

Alternative scenario:

Below 1.3385 look for further downside with 1.3360 & 1.3335 as targets.

Comment:

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

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: bullish bias above 95.25.

Pivot:

95.25

Our preference:

Long positions above 95.25 with targets at 101.00 & 102.70 in extension.

Alternative scenario:

Below 95.25 look for further downside with 93.00 & 91.00 as targets.

Comment:

The next resistances are at 101.00 and then at 102.70.

GOLD

Gold Intraday: bullish bias above 4730.

Pivot:

4730

Our preference:

Long positions above 4730 with targets at 4780 & 4800 in extension.

Alternative scenario:

Below 4730 look for further downside with 4700 & 4670 as targets.

Comment:

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

DOW JONES

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

Pivot:

48130

Our preference:

Long positions above 48130 with targets at 48555 & 48750 in extension.

Alternative scenario:

Below 48130 look for further downside with 47840 & 47650 as targets.

Comment:

The RSI is above its neutrality area at 50%.

NASDAQ

Nasdaq 100 (CME)‎ (M6)‎ Intraday: intraday support around 25050.

Pivot:

25050

Our preference:

Long positions above 25050 with targets at 25350 & 25450 in extension.

Alternative scenario:

Below 25050 look for further downside with 24930 & 24760 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 6810.

Pivot:

6810

Our preference:

Long positions above 6810 with targets at 6890 & 6925 in extension.

Alternative scenario:

Below 6810 look for further downside with 6780 & 6742 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.