Markets This Week: Key Highlights

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the bias remains bullish.

Pivot:154.60

Our preference:

Long positions above 154.60 with targets at 155.35 & 155.70 in extension.

Alternative scenario:

Below 154.60 look for further downside with 154.25 & 153.90 as targets.

Comment:

The RSI calls for a bounce.

EURUSD

EUR/USD Intraday: watch 1.1805.

Pivot:1.1745

Our preference:

Long positions above 1.1745 with targets at 1.1790 & 1.1805 in extension.

Alternative scenario:

Below 1.1745 look for further downside with 1.1730 & 1.1715 as targets.

Comment:

The RSI calls for a rebound.

GBPUSD

GBP/USD Intraday: bullish bias above 1.3430.

Pivot:1.3430

Our preference:

Long positions above 1.3430 with targets at 1.3490 & 1.3515 in extension.

Alternative scenario:

Below 1.3430 look for further downside with 1.3410 & 1.3390 as targets.

Comment:

A support base at 1.3430 has formed and has allowed for a temporary stabilisation.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: look for 68.20.

Pivot:65.90

Our preference:

Long positions above 65.90 with targets at 67.50 & 68.20 in extension.

Alternative scenario:

Below 65.90 look for further downside with 65.40 & 64.75 as targets.

Comment:

The RSI is mixed to bullish.

GOLD

Gold Intraday: bullish bias above 4960.

Pivot:4960

Our preference:

Long positions above 4960 with targets at 5020 & 5045 in extension.

Alternative scenario:

Below 4960 look for further downside with 4940 & 4905 as targets.

Comment:

The RSI is supported by a strong support, posting bullish divergence (not confirmed yet).

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: 24690 expected.

Pivot:24935

Our preference:

Short positions below 24935 with targets at 24690 & 24570 in extension.

Alternative scenario:

Above 24935 look for further upside with 25050 & 25125 as targets.

Comment:

The RSI is below its neutrality area at 50%

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: aim @ 6840.

Pivot:6888

Our preference:

Short positions below 6888 with targets at 6840 & 6810 in extension.

Alternative scenario:

Above 6888 look for further upside with 6910 & 6925 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 6888.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: 49200 expected.

Pivot:49530

Our preference:

Short positions below 49530 with targets at 49200 & 48960 in extension.

Alternative scenario:

Above 49530 look for further upside with 49630 & 49790 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 49530.