Two green lights in a mixed market – USDJPY and Crude Oil leading the way

MARKET ANALYSIS

USDJPY

USD/JPY intraday: bullish bias above 158.75.

Pivot:

158.75

Our preference:

Long positions above 158.75 with targets at 159.25 & 159.50 in extension.

Alternative scenario:

Below 158.75 look for further downside with 158.55 & 158.35 as targets.

Comment:

A support base at 158.75 has formed and has allowed for a temporary stabilisation.

EURUSD

EUR/USD intraday: the downside prevails.

Pivot:

1.1630

Our preference:

Short positions below 1.1630 with targets at 1.1590 & 1.1575 in extension.

Alternative scenario:

Above 1.1630 look for further upside with 1.1645 & 1.1660 as targets.

Comment:

As long as the resistance at 1.1630 is not surpassed, the risk of the break below 1.1590 remains high.

GBPUSD

GBP/USD intraday: consolidation.

Pivot:

1.3420

Our preference:

Short positions below 1.3420 with targets at 1.3375 & 1.3355 in extension.

Alternative scenario:

Above 1.3420 look for further upside with 1.3440 & 1.3460 as targets.

Comment:

As long as 1.3420 is resistance, look for choppy price action with a bearish bias.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (N6)‎ intraday: intraday support around 102.60.

Pivot:

102.60

Our preference:

Long positions above 102.60 with targets at 105.20 & 106.30 in extension.

Alternative scenario:

Below 102.60 look for further downside with 101.10 & 100.25 as targets.

Comment:

The RSI lacks downward momentum.

GOLD

Gold intraday: key resistance at 4535.

Pivot:

4535

Our preference:

Short positions below 4535 with targets at 4465 & 4430 in extension.

Alternative scenario:

Above 4535 look for further upside with 4565 & 4588 as targets.

Comment:

A break below 4465 would trigger a drop towards 4430.

DOW JONES

Dow Jones (CME)‎ (M6)‎ intraday: consolidation in place.

Pivot:

49850

Our preference:

Short positions below 49850 with targets at 49320 & 49140 in extension.

Alternative scenario:

Above 49850 look for further upside with 49980 & 50100 as targets.

Comment:

The RSI is mixed to bearish.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ intraday: aim @ 28660.

Pivot:

29200

Our preference:

Short positions below 29200 with targets at 28660 & 28370 in extension.

Alternative scenario:

Above 29200 look for further upside with 29470 & 29780 as targets.

Comment:

As long as 29200 is resistance, look for choppy price action with a bearish bias.

S&P 500

S&P 500 (CME)‎ (M6)‎ intraday: 7300 expected.

Pivot:

7453

Our preference:

Short positions below 7453 with targets at 7340 & 7300 in extension.

Alternative scenario:

Above 7453 look for further upside with 7496 & 7537 as targets.

Comment:

The RSI is mixed with a bearish bias.