Market Open: Shaping the Week's Outlook

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: watch 154.40.

Pivot:

155.90

Our preference:

Short positions below 155.90 with targets at 154.40 & 154.00 in extension.

Alternative scenario:

Above 155.90 look for further upside with 156.35 & 156.80 as targets.

Comment:

A break below 154.40 would trigger a drop towards 154.00.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:

1.1820

Our preference:

Long positions above 1.1820 with targets at 1.1900 & 1.1925 in extension.

Alternative scenario:

Below 1.1820 look for further downside with 1.1790 & 1.1760 as targets.

Comment:

The RSI advocates for further advance.

GBPUSD

GBP/USD Intraday: watch 1.3690.

Pivot:

1.3600

Our preference:

Long positions above 1.3600 with targets at 1.3690 & 1.3725 in extension.

Alternative scenario:

Below 1.3600 look for further downside with 1.3565 & 1.3530 as targets.

Comment:

The RSI is bullish and calls for further upside.

GOLD

Gold Intraday: further advance.

Pivot:

4963

Our preference:

Long positions above 4963 with targets at 5065 & 5110 in extension.

Alternative scenario:

Below 4963 look for further downside with 4930 & 4900 as targets.

Comment:

The RSI shows upside momentum.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: intraday support around 60.35.

Pivot:

60.35

Our preference:

Long positions above 60.35 with targets at 61.35 & 61.80 in extension.

Alternative scenario:

Below 60.35 look for further downside with 60.00 & 59.60 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: turning down.

Pivot:

25720

Our preference:

Short positions below 25720 with targets at 25330 & 25200 in extension.

Alternative scenario:

Above 25720 look for further upside with 25840 & 25950 as targets.

Comment:

The RSI is bearish and calls for further decline.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: turning down.

Pivot:

6945

Our preference:

Short positions below 6945 with targets at 6880 & 6855 in extension.

Alternative scenario:

Above 6945 look for further upside with 6968 & 6995 as targets.

Comment:

The RSI shows downside momentum.

DOW JONES

ow Jones (CME)‎ (H6)‎ Intraday: the downside prevails.

Pivot:

49300

Our preference:

Short positions below 49300 with targets at 48800 & 48620 in extension.

Alternative scenario:

Above 49300 look for further upside with 49490 & 49620 as targets.

Comment:

The RSI has broken down its 30 level.