Market Momentum Kicks Off the Week

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: under pressure.

Pivot:158.25

Our preference:

Short positions below 158.25 with targets at 157.30 & 157.00 in extension.

Alternative scenario:

Above 158.25 look for further upside with 158.55 & 158.85 as targets.

Comment:

The RSI has broken down its 30 level.

EURUSD

EUR/USD Intraday: rebound in sight.

Pivot:1.1580

Our preference:

Long positions above 1.1580 with targets at 1.1640 & 1.1660 in extension.

Alternative scenario:

Below 1.1580 look for further downside with 1.1565 & 1.1550 as targets.

Comment:

The RSI calls for a bounce.

GBPUSD

GBP/USD Intraday: rebound.

Pivot:1.3350

Our preference:

Long positions above 1.3350 with targets at 1.3430 & 1.3460 in extension.

Alternative scenario:

Below 1.3350 look for further downside with 1.3325 & 1.3300 as targets.

Comment:

A support base at 1.3350 has formed and has allowed for a temporary stabilisation.

GOLD

Gold Intraday: the upside prevails.

Pivot:4620

Our preference:

Long positions above 4620 with targets at 4710 & 4750 in extension.

Alternative scenario:

Below 4620 look for further downside with 4570 & 4540 as targets.

Comment:

The RSI shows upside momentum.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: turning down.

Pivot:60.00

Our preference:

Short positions below 60.00 with targets at 58.30 & 57.50 in extension.

Alternative scenario:

Above 60.00 look for further upside with 60.50 & 61.00 as targets.

Comment:

Technically the RSI is below its neutrality area at 50.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: watch 25270.

Pivot:25670

Our preference:

Short positions below 25670 with targets at 25270 & 25100 in extension.

Alternative scenario:

Above 25670 look for further upside with 25805 & 25870 as targets.

Comment:

The RSI has broken down its 30 level.

S&P 500 (CME)

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

Pivot:6974

Our preference:

Short positions below 6974 with targets at 6893 & 6866 in extension.

Alternative scenario:

Above 6974 look for further upside with 7017 & 7034 as targets.

Comment:

The RSI has broken down its 30 level.

DOW JONES (CME)

Dow Jones (CME)‎ (H6)‎ Intraday: under pressure.

Pivot:49520

Our preference:

Short positions below 49520 with targets at 49055 & 48850 in extension.

Alternative scenario:

Above 49520 look for further upside with 49680 & 49800 as targets.

Comment:

A break below 49055 would trigger a drop towards 48850.