Daily Trading Update: Insights from Major Market Participants

Market Analysis

GBPUSD

GBP/USD Intraday: key resistance at 1.3220.

Pivot:

1.3220

Our preference:

Short positions below 1.3220 with targets at 1.3170 & 1.3140 in extension.

Alternative scenario:

Above 1.3220 look for further upside with 1.3245 & 1.3270 as targets.

Comment:

As long as 1.3220 is resistance, look for choppy price action with a bearish bias.

USDJPY

USD/JPY Intraday: the bias remains bullish.

Pivot:

152.10

Our preference:

Long positions above 152.10 with targets at 153.25 & 153.50 in extension.

Alternative scenario:

Below 152.10 look for further downside with 151.85 & 151.55 as targets.

Comment:

The RSI is above its neutrality area at 50%.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:

1.1635

Our preference:

Short positions below 1.1635 with targets at 1.1575 & 1.1545 in extension.

Alternative scenario:

Above 1.1635 look for further upside with 1.1665 & 1.1690 as targets.

Comment:

The RSI is bearish and calls for further decline.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Z5)‎ Intraday: under pressure.

Pivot:

60.90

Our preference:

Short positions below 60.90 with targets at 59.70 & 59.00 in extension.

Alternative scenario:

Above 60.90 look for further upside with 61.30 & 61.60 as targets.

Comment:

The RSI advocates for further decline.

GOLD

Gold Intraday: key resistance at 3985.00.

Pivot:

3985.00

Our preference:

Short positions below 3985.00 with targets at 3913.00 & 3885.00 in extension.

Alternative scenario:

Above 3985.00 look for further upside with 4010.00 & 4030.00 as targets.

Comment:

As long as the resistance at 3985.00 is not surpassed, the risk of the break below 3913.00 remains high.

DOW JONES (CME)

Dow Jones (CME)‎ (Z5)‎ Intraday: the downside prevails.

Pivot:

47890.00

Our preference:

Short positions below 47890.00 with targets at 47580.00 & 47480.00 in extension.

Alternative scenario:

Above 47890.00 look for further upside with 48080.00 & 48210.00 as targets.

Comment:

The RSI is bearish and calls for further decline.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: consolidation.

Pivot:

26320.00

Our preference:

Short positions below 26320.00 with targets at 26090.00 & 26010.00 in extension.

Alternative scenario:

Above 26320.00 look for further upside with 26430.00 & 26560.00 as targets.

Comment:

The RSI is below its neutrality area at 50%.

S&P 500(CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: consolidation.

Pivot:

6930.00

Our preference:

Short positions below 6930.00 with targets at 6902.00 & 6888.00 in extension.

Alternative scenario:

Above 6930.00 look for further upside with 6950.00 & 6980.00 as targets.

Comment:

A break below 6902.00 would trigger a drop towards 6888.00.