Key Market Drivers in Focus

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: watch 156.50.

Pivot:

157.40

Our preference:

Short positions below 157.40 with targets at 156.85 & 156.50 in extension.

Alternative scenario:

Above 157.40 look for further upside with 157.65 & 157.95 as targets.

Comment:

As long as the resistance at 157.40 is not surpassed, the risk of the break below 156.85 remains high.

EURUSD

EUR/USD Intraday: the bias remains bullish.

Pivot:

1.1595

Our preference:

Long positions above 1.1595 with targets at 1.1655 & 1.1680 in extension.

Alternative scenario:

Below 1.1595 look for further downside with 1.1575 & 1.1550 as targets.

Comment:

The RSI calls for a bounce.

GBPUSD

GBP/USD Intraday: bullish bias above 1.3330.

Pivot:

1.3330

Our preference:

Long positions above 1.3330 with targets at 1.3400 & 1.3430 in extension.

Alternative scenario:

Below 1.3330 look for further downside with 1.3300 & 1.3270 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: expect 77.90.

Pivot:

74.50

Our preference:

Long positions above 74.50 with targets at 76.90 & 77.90 in extension.

Alternative scenario:

Below 74.50 look for further downside with 73.30 & 71.60 as targets.

Comment:

The next resistances are at 76.90 and then at 77.90.

GOLD

Gold Intraday: target 5225.

Pivot:

5085

Our preference:

Long positions above 5085 with targets at 5195 & 5225 in extension.

Alternative scenario:

Below 5085 look for further downside with 5050 & 4995 as targets.

Comment:

The RSI calls for a bounce.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: further advance.

Pivot:

24960

Our preference:

Long positions above 24960 with targets at 25270 & 25410 in extension.

Alternative scenario:

Below 24960 look for further downside with 24800 & 24700 as targets.

Comment:

The RSI is above its neutrality area at 50%.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: towards 6910.

Pivot:

6850

Our preference:

Long positions above 6850 with targets at 6910 & 6935 in extension.

Alternative scenario:

Below 6850 look for further downside with 6810 & 6770 as targets.

Comment:

The break above 6850 is a positive signal that has opened a path to 6910.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: towards 49075.

Pivot:

48680

Our preference:

Long positions above 48680 with targets at 49075 & 49370 in extension.

Alternative scenario:

Below 48680 look for further downside with 48470 & 48310 as targets.

Comment:

The next resistances are at 49075 and then at 49370.