Daily Overview: Currencies, Commodities, and Key Catalysts

MARKET ANALYSIS

GBPUSD

GBP/USD Intraday: consolidation.

Pivot:

1.3360

Our preference:

Short positions below 1.3360 with targets at 1.3290 & 1.3270 in extension.

Alternative scenario:

Above 1.3360 look for further upside with 1.3380 & 1.3400 as targets.

Comment:

As long as 1.3360 is resistance, look for choppy price action with a bearish bias.

USDJPY

USD/JPY Intraday: towards 155.55.

Pivot:

154.75

Our preference:

Long positions above 154.75 with targets at 155.35 & 155.55 in extension.

Alternative scenario:

Below 154.75 look for further downside with 154.50 & 154.30 as targets.

Comment:

The RSI advocates for further advance.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:

1.1665

Our preference:

Short positions below 1.1665 with targets at 1.1625 & 1.1610 in extension.

Alternative scenario:

Above 1.1665 look for further upside with 1.1680 & 1.1695 as targets.

Comment:

The RSI is bearish and calls for further decline.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (F6)‎ Intraday: intraday support around 59.20.

Pivot:

59.20

Our preference:

Long positions above 59.20 with targets at 60.00 & 60.40 in extension.

Alternative scenario:

Below 59.20 look for further downside with 58.85 & 58.30 as targets.

Comment:

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

GOLD

Gold Intraday: bounce.

Pivot:

4190

Our preference:

Long positions above 4190 with targets at 4228 & 4241 in extension.

Alternative scenario:

Below 4190 look for further downside with 4174 & 4162 as targets.

Comment:

The RSI lacks momentum.

DOW JONES (CME)

Dow Jones (CME)‎ (Z5)‎ Intraday: bullish bias above 47790.

Pivot:

47790

Our preference:

Long positions above 47790 with targets at 48130 & 48335 in extension.

Alternative scenario:

Below 47790 look for further downside with 47710 & 47590 as targets.

Comment:

The next resistances are at 48130 and then at 48335.

NASDAQ 100 (CME)

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

Pivot:

25480

Our preference:

Long positions above 25480 with targets at 25730 & 25830 in extension.

Alternative scenario:

Below 25480 look for further downside with 25420 & 25320 as targets.

Comment:

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

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: 6890 expected.

Pivot:

6843

Our preference:

Long positions above 6843 with targets at 6878 & 6890 in extension.

Alternative scenario:

Below 6843 look for further downside with 6820 & 6804 as targets.

Comment:

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