Market Momentum: Real or Hype?

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: 155.90 expected.

Pivot:

154.90

Our preference:

Long positions above 154.90 with targets at 155.90 & 156.30 in extension.

Alternative scenario:

Below 154.90 look for further downside with 154.50 & 154.10 as targets.

Comment:

The next resistances are at 155.90 and then at 156.30.

EURUSD

EUR/USD Intraday: watch 1.1765.

Pivot:

1.1840

Our preference:

Short positions below 1.1840 with targets at 1.1765 & 1.1740 in extension.

Alternative scenario:

Above 1.1840 look for further upside with 1.1870 & 1.1900 as targets.

Comment:

A break below 1.1765 would trigger a drop towards 1.1740.

GBPUSD

GBP/USD Intraday: key resistance at 1.3700.

Pivot:

1.3700

Our preference:

Short positions below 1.3700 with targets at 1.3625 & 1.3600 in extension.

Alternative scenario:

Above 1.3700 look for further upside with 1.3730 & 1.3760 as targets.

Comment:

As long as the resistance at 1.3700 is not surpassed, the risk of the break below 1.3625 remains high.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: key resistance at 62.55.

Pivot:

62.55

Our preference:

Short positions below 62.55 with targets at 61.40 & 61.00 in extension.

Alternative scenario:

Above 62.55 look for further upside with 63.30 & 64.00 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 62.55.

GOLD

Gold Intraday: look for 4840.

Pivot:

4565

Our preference:

Long positions above 4565 with targets at 4840 & 4955 in extension.

Alternative scenario:

Below 4565 look for further downside with 4410 & 4310 as targets.

Comment:

The RSI calls for a rebound.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: towards 26320.

Pivot:

25690

Our preference:

Long positions above 25690 with targets at 26100 & 26320 in extension.

Alternative scenario:

Below 25690 look for further downside with 25530 & 25370 as targets.

Comment:

The next resistances are at 26100 and then at 26320.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: expect 7070.

Pivot:

6975

Our preference:

Long positions above 6975 with targets at 7030 & 7070 in extension.

Alternative scenario:

Below 6975 look for further downside with 6945 & 6917 as targets.

Comment:

The next resistances are at 7030 and then at 7070.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: 49800 in sight.

Pivot:

49360

Our preference:

Long positions above 49360 with targets at 49640 & 49800 in extension.

Alternative scenario:

Below 49360 look for further downside with 49240 & 49050 as targets.

Comment:

The next resistances are at 49640 and then at 49800.