Momentum and Market Structure

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: watch 153.60.

Pivot:

155.20

Our preference:

Short positions below 155.20 with targets at 154.10 & 153.60 in extension.

Alternative scenario:

Above 155.20 look for further upside with 155.60 & 156.00 as targets.

Comment:

The RSI is bearish and calls for further downside.

EURUSD

EUR/USD Intraday: further advance.

Pivot:

1.1775

Our preference:

Long positions above 1.1775 with targets at 1.1855 & 1.1880 in extension.

Alternative scenario:

Below 1.1775 look for further downside with 1.1755 & 1.1740 as targets.

Comment:

The RSI is bullish and calls for further upside.

GBPUSD

GBP/USD Intraday: towards 1.3580.

Pivot:

1.3470

Our preference:

Long positions above 1.3470 with targets at 1.3550 & 1.3580 in extension.

Alternative scenario:

Below 1.3470 look for further downside with 1.3450 & 1.3430 as targets.

Comment:

The RSI calls for a bounce.

GOLD

Gold Intraday: the upside prevails.

Pivot:

5055

Our preference:

Long positions above 5055 with targets at 5190 & 5250 in extension.

Alternative scenario:

Below 5055 look for further downside with 5005 & 4960 as targets.

Comment:

The RSI shows upside momentum.

CRUDE OIL

Crude Oil (WTI)‎ (J6)‎ Intraday: aim @ 64.75.

Pivot:

66.60

Our preference:

Short positions below 66.60 with targets at 65.40 & 64.75 in extension.

Alternative scenario:

Above 66.60 look for further upside with 67.00 & 67.50 as targets.

Comment:

A break below 65.40 would trigger a drop towards 64.75.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: aim @ 25250.

Pivot:

24880

Our preference:

Long positions above 24880 with targets at 25250 & 25410 in extension.

Alternative scenario:

Below 24880 look for further downside with 24690 & 24570 as targets.

Comment:

The RSI is mixed to bullish.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: look for 6945.

Pivot:

6888

Our preference:

Long positions above 6888 with targets at 6945 & 6960 in extension.

Alternative scenario:

Below 6888 look for further downside with 6865 & 6850 as targets.

Comment:

The RSI is mixed to bullish.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: bullish bias above 49440.

Pivot:

49440

Our preference:

Long positions above 49440 with targets at 49790 & 49960 in extension.

Alternative scenario:

Below 49440 look for further downside with 49300 & 49150 as targets.

Comment:

The RSI is above its neutrality area at 50%.