Your Daily Edge: Forex Market Analysis

Market Analysis

GBPUSD

GBP/USD Intraday: further advance.

Pivot:

1.3365

Our preference:

Long positions above 1.3365 with targets at 1.3420 & 1.3450 in extension.

Alternative scenario:

Below 1.3365 look for further downside with 1.3330 & 1.3300 as targets.

Comment:

The RSI is bullish and calls for further upside.

USDJPY

USD/JPY Intraday: the downside prevails.

Pivot:

151.40

Our preference:

Short positions below 151.40 with targets at 150.70 & 150.40 in extension.

Alternative scenario:

Above 151.40 look for further upside with 151.70 & 152.10 as targets.

Comment:

The RSI is below its neutrality area at 50%

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:

1.1615

Our preference:

Long positions above 1.1615 with targets at 1.1665 & 1.1685 in extension.

Alternative scenario:

Below 1.1615 look for further downside with 1.1595 & 1.1580 as targets.

Comment:

The RSI advocates for further advance.

CRUDE OIL

Crude Oil (WTI)‎ (X5)‎ Intraday: key resistance at 58.90.

Pivot:

58.90

Our preference:

Short positions below 58.90 with targets at 58.20 & 57.70 in extension.

Alternative scenario:

Above 58.90 look for further upside with 59.45 & 59.80 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 58.90.

GOLD

Gold Intraday: bullish bias above 4175.00.

Pivot:

4175.00

Our preference:

Long positions above 4175.00 with targets at 4235.00 & 4260.00 in extension.

Alternative scenario:

Below 4175.00 look for further downside with 4150.00 & 4120.00 as targets.

Comment:

The RSI is bullish and calls for further advance.

NASDAQ 100

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: intraday support around 24710.00.

Pivot:

24710.00

Our preference:

Long positions above 24710.00 with targets at 25110.00 & 25390.00 in extension.

Alternative scenario:

Below 24710.00 look for further downside with 24540.00 & 24370.00 as targets.

Comment:

The next resistances are at 25110.00 and then at 25390.00.

S&P 500

S&P 500 (CME)‎ (Z5)‎ Intraday: intraday support around 6665.00.

Pivot:

6665.00

Our preference:

Long positions above 6665.00 with targets at 6763.00 & 6812.00 in extension.

Alternative scenario:

Below 6665.00 look for further downside with 6630.00 & 6594.00 as targets.

Comment:

The next resistances are at 6763.00 and then at 6812.00.

DOW JONES

Dow Jones (CME)‎ (Z5)‎ Intraday: intraday support around 46240.00.

Pivot:

46240.00

Our preference:

Long positions above 46240.00 with targets at 46700.00 & 46910.00 in extension.

Alternative scenario:

Below 46240.00 look for further downside with 46040.00 & 45890.00 as targets.

Comment:

The RSI is below its neutrality area at 50% but reversing up.