GBP, EUR, Gold, Oil, Equities Rally; USDJPY Slides

MARKET ANALYSIS

GBPUSD

GBP/USD intraday : Target 1.3660

Our pivot point is at 1.3572.

Our preference:

The upside prevails as long as 1.3572 is support, with 1.3660 and 1.3679 as targets

Alternative scenario:

Below 1.3572, expect 1.3540 and 1.3521.

Comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price is below its 20 period moving average (1.3606) but above its 50 period moving average (1.3572).

USDJPY

USD/JPY intraday : Key support level approaches

Our pivot point is at 159.29.

Our preference:

The downside prevails as long as 159.29 is resistance, with 157.81 and 157.61 as targets

Alternative scenario:

Above 159.29, look for 159.62 and 159.82.

Comment:

With prices nearing our first target, a pullback may emerge, though a clean break below could accelerate the downside.

EURUSD

EUR/USD intraday : Expect 1.1696

Our pivot point is at 1.1638.

Our preference:

The upside prevails as long as 1.1638 is support, with 1.1696 and 1.1708 as targets

Alternative scenario:

Below 1.1638, expect 1.1619 and 1.1607.

Comment:

The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is below its signal line and positive. The price is above its 20 and 50 period moving average (respectively at 1.1670 and 1.1624).

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (V6)‎ intraday: expect 85.85.

Pivot:

83.45

Our preference:

Long positions above 83.45 with targets at 85.85 & 87.00 in extension.

Alternative scenario:

Below 83.45 look for further downside with 82.25 & 81.30 as targets.

Comment:

A support base at 83.45 has formed and has allowed for a temporary stabilisation.

GOLD

Gold intraday : Gains at stake near target

Our pivot point is at 4,428.

Our preference:

The upside prevails as long as 4,428 is support, with 4,531 and 4,553 as targets

Alternative scenario:

Below 4,428, expect 4,391 and 4,370.

Comment:

With prices now approaching our initial target, this level may prompt a throwback. That said, a decisive break above it could also act as a catalyst for further upside.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: look for 54000.

Pivot:

53450

Our preference:

Long positions above 53450 with targets at 53780 & 54000 in extension.

Alternative scenario:

Below 53450 look for further downside with 53310 & 53080 as targets.

Comment:

The RSI calls for a bounce.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: towards 29930.

Pivot:

29370

Our preference:

Long positions above 29370 with targets at 29760 & 29930 in extension.

Alternative scenario:

Below 29370 look for further downside with 29250 & 29100 as targets.

Comment:

The RSI calls for a rebound.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: towards 7770.

Pivot:

7721

Our preference:

Long positions above 7721 with targets at 7770 & 7790 in extension.

Alternative scenario:

Below 7721 look for further downside with 7698 & 7685 as targets.

Comment:

The RSI is mixed to bullish.