Closing the Week on Insight

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 156.40.

Pivot:

156.40

Our preference:

Long positions above 156.40 with targets at 156.95 & 157.20 in extension.

Alternative scenario:

Below 156.40 look for further downside with 156.20 & 156.00 as targets.

Comment:

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

EURUSD

EUR/USD Intraday: rebound expected.

Pivot:

1.1720

Our preference:

Long positions above 1.1720 with targets at 1.1760 & 1.1780 in extension.

Alternative scenario:

Below 1.1720 look for further downside with 1.1700 & 1.1680 as targets.

Comment:

The RSI calls for a rebound.

GBPUSD

GBP/USD Intraday: rebound expected.

Pivot:

1.3425

Our preference:

Long positions above 1.3425 with targets at 1.3495 & 1.3520 in extension.

Alternative scenario:

Below 1.3425 look for further downside with 1.3400 & 1.3380 as targets.

Comment:

The RSI advocates for further upside.

GOLD

Gold Intraday: key resistance at 4353.

Pivot:

4353

Our preference:

Short positions below 4353 with targets at 4302 & 4274 in extension.

Alternative scenario:

Above 4353 look for further upside with 4380 & 4404 as targets.

Comment:

As long as 4353 is resistance, look for choppy price action with a bearish bias.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: under pressure.

Pivot:

58.05

Our preference:

Short positions below 58.05 with targets at 57.05 & 56.65 in extension.

Alternative scenario:

Above 58.05 look for further upside with 58.50 & 58.90 as targets.

Comment:

The RSI advocates for further downside.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: the downside prevails.

Pivot:

25550

Our preference:

Short positions below 25550 with targets at 25430 & 25330 in extension.

Alternative scenario:

Above 25550 look for further upside with 25630 & 25700 as targets.

Comment:

As long as the resistance at 25550 is not surpassed, the risk of the break below 25430 remains

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: under pressure.

Pivot:

6915

Our preference:

Short positions below 6915 with targets at 6890 & 6880 in extension.

Alternative scenario:

Above 6915 look for further upside with 6932 & 6950 as targets.

Comment:

The RSI is bearish and calls for further downside.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: watch 48160.

Pivot:

48560

Our preference:

Short positions below 48560 with targets at 48315 & 48160 in extension.

Alternative scenario:

Above 48560 look for further upside with 48675 & 48770 as targets.

Comment:

A break below 48315 would trigger a drop towards 48160.