Weekly Market Read: Market Reaction Speaks Volumes

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the downside prevails.

Pivot:

153.90

Our preference:

Short positions below 153.90 with targets at 152.50 & 152.00 in extension.

Alternative scenario:

Above 153.90 look for further upside with 154.50 & 155.10 as targets.

Comment:

Technically the RSI is below its neutrality area at 50.

EURUSD

EUR/USD Intraday: bullish bias above 1.1850.

Pivot:

1.1850

Our preference:

Long positions above 1.1850 with targets at 1.1890 & 1.1910 in extension.

Alternative scenario:

Below 1.1850 look for further downside with 1.1830 & 1.1810 as targets.

Comment:

A support base at 1.1850 has formed and has allowed for a temporary stabilisation.

GBPUSD

GBP/USD Intraday: under pressure.

Pivot:

1.3655

Our preference:

Short positions below 1.3655 with targets at 1.3605 & 1.3585 in extension.

Alternative scenario:

Above 1.3655 look for further upside with 1.3680 & 1.3710 as targets.

Comment:

The RSI is bearish and calls for further downside.

GOLD

Gold Intraday: bullish bias above 5040.

Pivot:

5040

Our preference:

Long positions above 5040 with targets at 5110 & 5140 in extension.

Alternative scenario:

Below 5040 look for further downside with 5005 & 4980 as targets.

Comment:

The RSI is mixed to bullish.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: rebound expected.

Pivot:

64.50

Our preference:

Long positions above 64.50 with targets at 65.30 & 65.80 in extension.

Alternative scenario:

Below 64.50 look for further downside with 64.00 & 63.60 as targets.

Comment:

The RSI is mixed to bullish.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: consolidation.

Pivot:

50410

Our preference:

Short positions below 50410 with targets at 50000 & 49750 in extension.

Alternative scenario:

Above 50410 look for further upside with 50610 & 50790 as targets.

Comment:

As long as 50410 is resistance, expect a return to 50000.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: towards 25060.

Pivot:

25360

Our preference:

Short positions below 25360 with targets at 25180 & 25060 in extension.

Alternative scenario:

Above 25360 look for further upside with 25450 & 25510 as targets.

Comment:

As long as 25360 is resistance, look for choppy price action with a bearish bias.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: range.

Pivot:

7010

Our preference:

Short positions below 7010 with targets at 6930 & 6881 in extension.

Alternative scenario:

Above 7010 look for further upside with 7035 & 7070 as targets.

Comment:

The RSI is below its neutrality area at 50%.