Strength starts at support. EURUSD and GBPUSD holding firm – are you?

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: rebound.

Pivot:

159.10

Our preference:

Long positions above 159.10 with targets at 159.65 & 159.85 in extension.

Alternative scenario:

Below 159.10 look for further downside with 158.90 & 158.70 as targets.

Comment:

The RSI is bullish and calls for further upside.

EURUSD

EUR/USD Intraday: watch 1.1700.

Pivot:

1.1740

Our preference:

Short positions below 1.1740 with targets at 1.1715 & 1.1700 in extension.

Alternative scenario:

Above 1.1740 look for further upside with 1.1755 & 1.1770 as targets.

Comment:

The RSI advocates for further downside.

GBPUSD

GBP/USD Intraday: aim @ 1.3500.

Pivot:

1.3555

Our preference:

Short positions below 1.3555 with targets at 1.3520 & 1.3500 in extension.

Alternative scenario:

Above 1.3555 look for further upside with 1.3575 & 1.3590 as targets.

Comment:

The RSI calls for a drop.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ Intraday: 99.20 expected.

Pivot:

95.50

Our preference:

Long positions above 95.50 with targets at 97.80 & 99.20 in extension.

Alternative scenario:

Below 95.50 look for further downside with 94.70 & 93.60 as targets.

Comment:

The RSI lacks downward momentum.

GOLD

Gold Intraday: range.

Pivot:

4660

Our preference:

Long positions above 4660 with targets at 4710 & 4730 in extension.

Alternative scenario:

Below 4660 look for further downside with 4635 & 4615 as targets.

Comment:

The RSI calls for a bounce.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: expect 27710.

Pivot:

27330

Our preference:

Long positions above 27330 with targets at 27610 & 27710 in extension.

Alternative scenario:

Below 27330 look for further downside with 27140 & 27010 as targets.

Comment:

The next resistances are at 27610 and then at 27710.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: expect 7270.

Pivot:

7180

Our preference:

Long positions above 7180 with targets at 7245 & 7270 in extension.

Alternative scenario:

Below 7180 look for further downside with 7160 & 7135 as targets.

Comment:

The RSI shows upside momentum.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: rebound.

Pivot:

49230

Our preference:

Long positions above 49230 with targets at 49550 & 49690 in extension.

Alternative scenario:

Below 49230 look for further downside with 49090 & 48960 as targets.

Comment:

The RSI calls for a bounce.