Market Structure: Holding or Fading?

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: under pressure.

Pivot:

153.65

Our preference:

Short positions below 153.65 with targets at 152.80 & 152.55 in extension.

Alternative scenario:

Above 153.65 look for further upside with 153.90 & 154.15 as targets.

Comment:

The RSI calls for a new downleg.

EURUSD

EUR/USD Intraday: continuation of the rebound.

Pivot:

1.1825

Our preference:

Long positions above 1.1825 with targets at 1.1865 & 1.1880 in extension.

Alternative scenario:

Below 1.1825 look for further downside with 1.1805 & 1.1785 as targets.

Comment:

The RSI lacks downward momentum.

GBPUSD

GBP/USD Intraday: rebound.

Pivot:

1.3525

Our preference:

Long positions above 1.3525 with targets at 1.3590 & 1.3615 in extension.

Alternative scenario:

Below 1.3525 look for further downside with 1.3500 & 1.3480 as targets.

Comment:

The break above 1.3525 is a positive signal that has opened a path to 1.3590.

GOLD

Gold Intraday: the downside prevails.

Pivot:

4920

Our preference:

Short positions below 4920 with targets at 4842 & 4820 in extension.

Alternative scenario:

Above 4920 look for further upside with 4944 & 4970 as targets.

Comment:

As long as the resistance at 4920 is not surpassed, the risk of the break below 4842 remains high.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: towards 61.15.

Pivot:

63.00

Our preference:

Short positions below 63.00 with targets at 61.85 & 61.15 in extension.

Alternative scenario:

Above 63.00 look for further upside with 63.60 & 64.10 as targets.

Comment:

A break below 61.85 would trigger a drop towards 61.15.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: the bias remains bullish.

Pivot:

24680

Our preference:

Long positions above 24680 with targets at 24970 & 25100 in extension.

Alternative scenario:

Below 24680 look for further downside with 24580 & 24500 as targets.

Comment:

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

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: intraday support around 6838.

Pivot:

6838

Our preference:

Long positions above 6838 with targets at 6895 & 6933 in extension.

Alternative scenario:

Below 6838 look for further downside with 6800 & 6760 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: bullish bias above 49300.

Pivot:

49300

Our preference:

Long positions above 49300 with targets at 49900 & 50080 in extension.

Alternative scenario:

Below 49300 look for further downside with 48950 & 48700 as targets.

Comment:

A support base at 49300 has formed and has allowed for a temporary stabilisation.