Midweek Market Balance Check

MARKET ANALYSIS

GBPUSD

GBP/USD Intraday: towards 1.3390.

Pivot:

1.3450

Our preference:

Short positions below 1.3450 with targets at 1.3410 & 1.3390 in extension.

Alternative scenario:

Above 1.3450 look for further upside with 1.3470 & 1.3490 as targets.

Comment:

The RSI is bearish and calls for further downside.

USDJPY

USD/JPY Intraday: further advance.

Pivot:

158.65

Our preference:

Long positions above 158.65 with targets at 159.50 & 159.80 in extension.

Alternative scenario:

Below 158.65 look for further downside with 158.30 & 157.90 as targets.

Comment:

The RSI calls for a bounce.

EURUSD

EUR/USD Intraday: watch 1.1620.

Pivot:

1.1660

Our preference:

Short positions below 1.1660 with targets at 1.1635 & 1.1620 in extension.

Alternative scenario:

Above 1.1660 look for further upside with 1.1675 & 1.1695 as targets.

Comment:

As long as the resistance at 1.1660 is not surpassed, the risk of the break below 1.1635 remains high.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: the bias remains bullish.

Pivot:

60.05

Our preference:

Long positions above 60.05 with targets at 61.50 & 62.25 in extension.

Alternative scenario:

Below 60.05 look for further downside with 59.50 & 58.65 as targets.

Comment:

The RSI is above its neutrality area at 50%.

GOLD

Gold Intraday: intraday support around 4575.

Pivot:

4575

Our preference:

Long positions above 4575 with targets at 4615 & 4630 in extension.

Alternative scenario:

Below 4575 look for further downside with 4560 & 4530 as targets.

Comment:

A support base at 4575 has formed and has allowed for a temporary stabilisation.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: under pressure.

Pivot:

49450

Our preference:

Short positions below 49450 with targets at 49190 & 49100 in extension.

Alternative scenario:

Above 49450 look for further upside with 49580 & 49680 as targets.

Comment:

The RSI calls for a new downleg.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: bullish bias above 25805.

Pivot:

25805

Our preference:

Long positions above 25805 with targets at 26015 & 26070 in extension.

Alternative scenario:

Below 25805 look for further downside with 25720 & 25630 as targets.

Comment:

A support base at 25805 has formed and has allowed for a temporary stabilisation.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: choppy.

Pivot:

7014

Our preference:

Short positions below 7014 with targets at 6977 & 6963 in extension.

Alternative scenario:

Above 7014 look for further upside with 7024 & 7034 as targets.

Comment:

As long as 7014 is resistance, look for choppy price action with a bearish bias.