Market Momentum and Structure

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: watch 155.00.

Pivot:153.70

Our preference:

Long positions above 153.70 with targets at 154.60 & 155.00 in extension.

Alternative scenario:

Below 153.70 look for further downside with 153.30 & 153.00 as targets.

Comment:

The RSI calls for a rebound.

EURUSD

EUR/USD Intraday: bullish bias above 1.1840.

Pivot:1.1840

Our preference:

Long positions above 1.1840 with targets at 1.1905 & 1.1925 in extension.

Alternative scenario:

Below 1.1840 look for further downside with 1.1820 & 1.1800 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

GBPUSD

GBP/USD Intraday: the bias remains bullish.

Pivot:1.3640

Our preference:

Long positions above 1.3640 with targets at 1.3710 & 1.3730 in extension.

Alternative scenario:

Below 1.3640 look for further downside with 1.3620 & 1.3600 as targets.

Comment:

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

GOLD

Gold Intraday: consolidation in place.

Pivot:5065

Our preference:

Short positions below 5065 with targets at 4990 & 4965 in extension.

Alternative scenario:

Above 5065 look for further upside with 5100 & 5140 as targets.

Comment:

Technically the RSI is below its neutrality area at 50.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: 60.35 expected.

Pivot:61.20

Our preference:

Short positions below 61.20 with targets at 60.35 & 60.00 in extension.

Alternative scenario:

Above 61.20 look for further upside with 61.70 & 62.20 as targets.

Comment:

As long as 61.20 is resistance, expect a return to 60.35.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: target 26020.

Pivot:25820

Our preference:

Long positions above 25820 with targets at 26020 & 26130 in extension.

Alternative scenario:

Below 25820 look for further downside with 25740 & 25610 as targets.

Comment:

The break above 25820 is a positive signal that has opened a path to 26020.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: further advance.

Pivot:6968

Our preference:

Long positions above 6968 with targets at 6995 & 7019 in extension.

Alternative scenario:

Below 6968 look for further downside with 6950 & 6925 as targets.

Comment:

The next resistances are at 6995 and then at 7019.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: aim @ 49300.

Pivot:49490

Our preference:

Short positions below 49490 with targets at 49300 & 49130 in extension.

Alternative scenario:

Above 49490 look for further upside with 49610 & 49795 as targets.

Comment:

As long as 49490 is resistance, expect a return to 49300.