Your Daily Edge: Analysis of the Forex Market

Market Analysis

GBP/USD

GBP/USD Intraday: choppy.

Pivot:

1.3170

Our preference:

Short positions below 1.3170 with targets at 1.3130 & 1.3110 in extension.

Alternative scenario:

Above 1.3170 look for further upside with 1.3190 & 1.3210 as targets.

Comment:

As long as 1.3170 is resistance, look for choppy price action with a bearish bias.

USDJPY

USD/JPY Intraday: 156.00 in sight.

Pivot:

155.10

Our preference:

Long positions above 155.10 with targets at 155.75 & 156.00 in extension.

Alternative scenario:

Below 155.10 look for further downside with 154.85 & 154.60 as targets.

Comment:

The RSI advocates for further advance.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:

1.1605

Our preference:

Short positions below 1.1605 with targets at 1.1565 & 1.1550 in extension.

Alternative scenario:

Above 1.1605 look for further upside with 1.1620 & 1.1635 as targets.

Comment:

The RSI advocates for further downside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (F6)‎ Intraday: the bias remains bullish.

Pivot:

60.10

Our preference:

Long positions above 60.10 with targets at 61.15 & 61.50 in extension.

Alternative scenario:

Below 60.10 look for further downside with 59.80 & 59.30 as targets.

Comment:

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

GOLD

Gold Intraday: rebound expected.

Pivot:

4030

Our preference:

Long positions above 4030 with targets at 4087 & 4110 in extension.

Alternative scenario:

Below 4030 look for further downside with 3997 & 3975 as targets.

Comment:

The RSI is mixed to bullish.

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: target 6540.

Pivot:

6682

Our preference:

Short positions below 6682 with targets at 6590 & 6540 in extension.

Alternative scenario:

Above 6682 look for further upside with 6708 & 6732 as targets.

Comment:

The RSI is mixed with a bearish bias.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: towards 24170.

Pivot:

24850

Our preference:

Short positions below 24850 with targets at 24410 & 24170 in extension.

Alternative scenario:

Above 24850 look for further upside with 25075 & 25250 as targets.

Comment:

The RSI is mixed with a bearish bias.

DOW JONES (CME)

Dow Jones (CME)‎ (Z5)‎ Intraday: target 45650.

Pivot:

46570

Our preference:

Short positions below 46570 with targets at 45650 & 45390 in extension.

Alternative scenario:

Above 46570 look for further upside with 46930 & 47400 as targets.

Comment:

The RSI is below its neutrality area at 50%