A Confident Start to the Trading Week

MARKET ANALYSIS

GBPUSD

GBP/USD Intraday: key resistance at 1.3400.

Pivot:1.3400

Our preference:

Short positions below 1.3400 with targets at 1.3355 & 1.3335 in extension.

Alternative scenario:

Above 1.3400 look for further upside with 1.3420 & 1.3440 as targets.

Comment:

As long as the resistance at 1.3400 is not surpassed, the risk of the break below 1.3355 remains high.

USDJPY

USD/JPY Intraday: the upside prevails.

Pivot:157.10

Our preference:

Long positions above 157.10 with targets at 157.80 & 158.20 in extension.

Alternative scenario:

Below 157.10 look for further downside with 156.80 & 156.50 as targets.

Comment:

The RSI advocates for further advance.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:1.1735

Our preference:

Short positions below 1.1735 with targets at 1.1700 & 1.1680 in extension.

Alternative scenario:

Above 1.1735 look for further upside with 1.1750 & 1.1765 as targets.

Comment:

A break below 1.1700 would trigger a drop towards 1.1680.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: expect 57.60.

Pivot:56.10

Our preference:

Long positions above 56.10 with targets at 57.60 & 58.00 in extension.

Alternative scenario:

Below 56.10 look for further downside with 55.55 & 54.95 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold Intraday: look for 4374.

Pivot:4328

Our preference:

Long positions above 4328 with targets at 4374 & 4400 in extension.

Alternative scenario:

Below 4328 look for further downside with 4307 & 4290 as targets.

Comment:

The RSI is bullish and calls for further upside.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: rebound expected.

Pivot:48370

Our preference:

Long positions above 48370 with targets at 48730 & 48920 in extension.

Alternative scenario:

Below 48370 look for further downside with 48150 & 47900 as targets.

Comment:

A support base at 48370 has formed and has allowed for a temporary stabilisation.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: the upside prevails.

Pivot:25400

Our preference:

Long positions above 25400 with targets at 25790 & 25950 in extension.

Alternative scenario:

Below 25400 look for further downside with 25275 & 25100 as targets.

Comment:

The RSI shows upside momentum.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: towards 6967.

Pivot:6853

Our preference:

Long positions above 6853 with targets at 6930 & 6967 in extension.

Alternative scenario:

Below 6853 look for further downside with 6830 & 6812 as targets.

Comment:

The RSI is bullish and calls for further advance.