Forex Market Update: Volatility Overview

Market Analysis

EURUSD

EUR/USD Intraday: bullish bias above 1.1560.

Pivot:1.1560

Our preference:

Long positions above 1.1560 with targets at 1.1605 & 1.1620 in extension.

Alternative scenario:

Below 1.1560 look for further downside with 1.1540 & 1.1525 as targets.

Comment:

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

USDJPY

USD/JPY Intraday: key resistance at 154.30.

Pivot:154.30

Our preference:

Short positions below 154.30 with targets at 153.90 & 153.65 in extension.

Alternative scenario:

Above 154.30 look for further upside with 154.50 & 154.75 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 1

GBPUSD

GBP/USD Intraday: under pressure.

Pivot:1.3185

Our preference:

Short positions below 1.3185 with targets at 1.3125 & 1.3100 in extension.

Alternative scenario:

Above 1.3185 look for further upside with 1.3205 & 1.3225 as targets.

Comment:

A break below 1.3125 would trigger a drop towards 1.3100.

GOLD

Gold Intraday: aim @ 4170.

Pivot:4110

Our preference:

Long positions above 4110 with targets at 4145 & 4170 in extension.

Alternative scenario:

Below 4110 look for further downside with 4095 & 4075 as targets.

Comment:

The RSI is above its neutrality area at 50%.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Z5)‎ Intraday: aim @ 61.40.

Pivot:60.65

Our preference:

Long positions above 60.65 with targets at 61.40 & 61.75 in extension.

Alternative scenario:

Below 60.65 look for further downside with 60.35 & 60.10 as targets.

Comment:

The RSI is bullish and calls for further upside.

DOW JONES (CME)

Dow Jones (CME)‎ (Z5)‎ Intraday: towards 48330.

Pivot:47820

Our preference:

Long positions above 47820 with targets at 48330 & 48480 in extension.

Alternative scenario:

Below 47820 look for further downside with 47670 & 47500 as targets.

Comment:

Investors have to remain cautious since these levels may trigger profit taking.

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: towards 6950.

Pivot:6820

Our preference:

Long positions above 6820 with targets at 6918 & 6950 in extension.

Alternative scenario:

Below 6820 look for further downside with 6795 & 6770 as targets.

Comment:

The RSI is bullish and calls for further upside.

NASDAQ 100 (CME)

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

Pivot:25460

Our preference:

Long positions above 25460 with targets at 25770 & 25870 in extension.

Alternative scenario:

Below 25460 look for further downside with 25300 & 25200 as targets.

Comment:

The RSI is around its neutrality area at 50%