Risk-On in FX & Energy; Stocks & Gold Under Pressure

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Key resistance level approaches

Our pivot point is at 154.17.

Our preference:

The upside prevails as long as 154.17 is support, with 155.43 and 155.78 as targets

Alternative scenario:

Below 154.17, expect 153.59 and 153.25.

Comment:

Prices are now closing in on our first target. Should this level hold, a throwback is likely to emerge; however, a convincing break above it could open the door to additional upside.

EURUSD

EUR/USD intraday : Watch 1.1558

Our pivot point is at 1.1520.

Our preference:

Rebound towards 1.1568

Alternative scenario:

Below 1.1520, expect 1.1504 and 1.1495.

Comment:

A break of the next key level will determine the market's next direction.

GBPUSD

GBP/USD intraday : Key support level approaches

Our pivot point is at 1.3515.

Our preference:

The downside prevails as long as 1.3515 is resistance, with 1.3463 and 1.3451 as targets

Alternative scenario:

Above 1.3515, look for 1.3535 and 1.3548.

Comment:

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

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (X6)‎ intraday: expect 104.40.

Pivot:98.50

Our preference:

Long positions above 98.50 with targets at 103.00 & 104.40 in extension.

Alternative scenario:

Below 98.50 look for further downside with 96.40 & 94.80 as targets.

Comment:

The RSI is bullish and calls for further upside.

GOLD

Gold intraday : Towards 4,212

Our pivot point is at 4,326.

Our preference:

The downside prevails as long as 4,326 is resistance, with 4,212 and 4,182 as targets

Alternative scenario:

Above 4,326, look for 4,377 and 4,407.

Comment:

The RSI is below its neutrality area at 50. The price stands below its 20 and 50 period moving average (respectively at 4,294 and 4,292).

DOW JONES

Dow Jones (CME)‎ (Z6)‎ intraday: key resistance at 52820.

Pivot:52820

Our preference:

Short positions below 52820 with targets at 52200 & 52000 in extension.

Alternative scenario:

Above 52820 look for further upside with 53100 & 53340 as targets.

Comment:

The RSI is mixed to bearish.

NASDAQ 100

Nasdaq 100 (CME)‎ (Z6)‎ intraday: towards 28830.

Pivot:29600

Our preference:

Short positions below 29600 with targets at 29107 & 28830 in extension.

Alternative scenario:

Above 29600 look for further upside with 29800 & 29900 as targets.

Comment:

The RSI is bearish and calls for further downside.

S&P 500

S&P 500 (CME)‎ (Z6)‎ intraday: under pressure.

Pivot:7720

Our preference:

Short positions below 7720 with targets at 7623 & 7590 in extension.

Alternative scenario:

Above 7720 look for further upside with 7750 & 7770 as targets.

Comment:

The RSI is bearish and calls for further downside.