The Week Starts with Focus

MARKET ANALYSIS

GBPUSD

GBP/USD Intraday: watch 1.3450.

Pivot:

1.3525

Our preference:

Short positions below 1.3525 with targets at 1.3470 & 1.3450 in extension.

Alternative scenario:

Above 1.3525 look for further upside with 1.3545 & 1.3565 as targets.

Comment:

As long as the resistance at 1.3525 is not surpassed, the risk of the break below 1.3470 remains high.

USDJPY

USD/JPY Intraday: bullish bias above 156.20.

Pivot:

156.20

Our preference:

Long positions above 156.20 with targets at 156.75 & 157.00 in extension.

Alternative scenario:

Below 156.20 look for further downside with 155.95 & 155.65 as targets.

Comment:

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

EURUSD

EUR/USD Intraday: choppy.

Pivot:

1.1795

Our preference:

Short positions below 1.1795 with targets at 1.1760 & 1.1745 in extension.

Alternative scenario:

Above 1.1795 look for further upside with 1.1810 & 1.1825 as targets.

Comment:

As long as 1.1795 is resistance, look for choppy price action with a bearish bias.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: key resistance at 57.75.

Pivot:

57.75

Our preference:

Short positions below 57.75 with targets at 56.65 & 56.00 in extension.

Alternative scenario:

Above 57.75 look for further upside with 58.15 & 58.85 as targets.

Comment:

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

GOLD

Gold Intraday: the upside prevails.

Pivot:

4505

Our preference:

Long positions above 4505 with targets at 4572 & 4590 in extension.

Alternative scenario:

Below 4505 look for further downside with 4490 & 4470 as targets.

Comment:

The RSI is bullish and calls for further upside.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: towards 49290.

Pivot:

48850

Our preference:

Long positions above 48850 with targets at 49130 & 49290 in extension.

Alternative scenario:

Below 48850 look for further downside with 48700 & 48535 as targets.

Comment:

The RSI calls for a new upleg.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: look for 25935.

Pivot:

25780

Our preference:

Long positions above 25780 with targets at 25935 & 26020 in extension.

Alternative scenario:

Below 25780 look for further downside with 25720 & 25610 as targets.

Comment:

The next resistances are at 25935 and then at 26020.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: intraday support around 6952.

Pivot:

6952

Our preference:

Long positions above 6952 with targets at 6994 & 7020 in extension.

Alternative scenario:

Below 6952 look for further downside with 6937 & 6912 as targets.

Comment:

The next resistances are at 6994 and then at 7020.