Midweek Markets: Patience Being Tested

MARKET INSIGHTS

USDJPY

USD/JPY Intraday: key resistance at 156.40.

Pivot:156.40

Our preference:

Short positions below 156.40 with targets at 155.50 & 155.10 in extension.

Alternative scenario:

Above 156.40 look for further upside with 156.75 & 157.10 as targets.

Comment:

As long as the resistance at 156.40 is not surpassed, the risk of the break below 155.50 remains high.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:1.1865

Our preference:

Long positions above 1.1865 with targets at 1.1925 & 1.1960 in extension.

Alternative scenario:

Below 1.1865 look for further downside with 1.1830 & 1.1800 as targets.

Comment:

The RSI is above its neutrality area at 50%.

GBPUSD

GBP/USD Intraday: further advance.

Pivot:1.3625

Our preference:

Long positions above 1.3625 with targets at 1.3730 & 1.3770 in extension.

Alternative scenario:

Below 1.3625 look for further downside with 1.3590 & 1.3550 as targets.

Comment:

The RSI is bullish and calls for further upside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: bullish bias above 63.85.

Pivot:63.85

Our preference:

Long positions above 63.85 with targets at 64.90 & 65.50 in extension.

Alternative scenario:

Below 63.85 look for further downside with 63.20 & 62.65 as targets.

Comment:

The RSI is mixed with a bullish bias.

GOLD

Gold Intraday: watch 5085.

Pivot:4980

Our preference:

Long positions above 4980 with targets at 5085 & 5145 in extension.

Alternative scenario:

Below 4980 look for further downside with 4905 & 4835 as targets.

Comment:

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

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: watch 50600.

Pivot:50000

Our preference:

Long positions above 50000 with targets at 50600 & 51050 in extension.

Alternative scenario:

Below 50000 look for further downside with 49750 & 49470 as targets.

Comment:

The RSI is around its neutrality area at 50%

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: the bias remains bullish.

Pivot:25160

Our preference:

Long positions above 25160 with targets at 25510 & 25820 in extension.

Alternative scenario:

Below 25160 look for further downside with 25020 & 24860 as targets.

Comment:

The break above 25160 is a positive signal that has opened a path to 25510.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: bullish bias above 6930.

Pivot:6930

Our preference:

Long positions above 6930 with targets at 7035 & 7070 in extension.

Alternative scenario:

Below 6930 look for further downside with 6881 & 6845 as targets.

Comment:

The next resistances are at 7035 and then at 7070.