Two climb. Six fall. Stay sharp.

MARKET ANALYSIS

USDJPY

USD/JPY intraday: the bias remains bullish.

Pivot:162.90

Our preference:

Long positions above 162.90 with targets at 163.25 & 163.40 in extension.

Alternative scenario:

Below 162.90 look for further downside with 162.75 & 162.60 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

EURUSD

EUR/USD intraday: key resistance at 1.1420.

Pivot:1.1420

Our preference:

Short positions below 1.1420 with targets at 1.1395 & 1.1380 in extension.

Alternative scenario:

Above 1.1420 look for further upside with 1.1435 & 1.1450 as targets.

Comment:

As long as 1.1420 is resistance, look for choppy price action with a bearish bias.

GBPUSD

GBP/USD intraday: the downside prevails.

Pivot:1.3395

Our preference:

Short positions below 1.3395 with targets at 1.3350 & 1.3330 in extension.

Alternative scenario:

Above 1.3395 look for further upside with 1.3415 & 1.3435 as targets.

Comment:

As long as the resistance at 1.3395 is not surpassed, the risk of the break below 1.3350 remains high.

CRUDE OIL

Crude Oil (WTI)‎ (U6)‎ intraday: the upside prevails.

Pivot:86.20

Our preference:

Long positions above 86.20 with targets at 90.00 & 91.10 in extension.

Alternative scenario:

Below 86.20 look for further downside with 85.00 & 83.70 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold intraday: consolidation in place.

Pivot:4145

Our preference:

Short positions below 4145 with targets at 4107 & 4085 in extension.

Alternative scenario:

Above 4145 look for further upside with 4165 & 4180 as targets.

Comment:

The RSI advocates for further downside.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: consolidation in place.

Pivot:52630

Our preference:

Short positions below 52630 with targets at 52260 & 52110 in extension.

Alternative scenario:

Above 52630 look for further upside with 52760 & 52860 as targets.

Comment:

The RSI is bearish and calls for further decline.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: consolidation.

Pivot:29260

Our preference:

Short positions below 29260 with targets at 28950 & 28830 in extension.

Alternative scenario:

Above 29260 look for further upside with 29360 & 29500 as targets.

Comment:

The RSI is bearish and calls for further decline.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: choppy.

Pivot:7552

Our preference:

Short positions below 7552 with targets at 7504 & 7474 in extension.

Alternative scenario:

Above 7552 look for further upside with 7580 & 7596 as targets.

Comment:

The RSI calls for a drop.