Wednesday Watch: Pivot Points Suggest Long Positions

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the bias remains bullish.

Pivot:

159.05

Our preference:

Long positions above 159.05 with targets at 159.65 & 159.85 in extension.

Alternative scenario:

Below 159.05 look for further downside with 158.80 & 158.55 as targets.

Comment:

The RSI is above its neutrality area at 50%.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:

1.1765

Our preference:

Short positions below 1.1765 with targets at 1.1720 & 1.1700 in extension.

Alternative scenario:

Above 1.1765 look for further upside with 1.1790 & 1.1810 as targets.

Comment:

As long as the resistance at 1.1765 is not surpassed, the risk of the break below 1.1720 remains high.

GBPUSD

GBP/USD Intraday: choppy.

Pivot:

1.3525

Our preference:

Short positions below 1.3525 with targets at 1.3485 & 1.3470 in extension.

Alternative scenario:

Above 1.3525 look for further upside with 1.3540 & 1.3560 as targets.

Comment:

As long as 1.3525 is resistance, look for choppy price action with a bearish bias.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ Intraday: further upside.

Pivot:

87.70

Our preference:

Long positions above 87.70 with targets at 92.20 & 94.70 in extension.

Alternative scenario:

Below 87.70 look for further downside with 85.50 & 83.90 as targets.

Comment:

The RSI is mixed with a bullish bias.

GOLD

Gold Intraday: key resistance at 4753.

Pivot:

4753

Our preference:

Short positions below 4753 with targets at 4692 & 4667 in extension.

Alternative scenario:

Above 4753 look for further upside with 4795 & 4830 as targets.

Comment:

Technically the RSI is below its neutrality area at 50.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: watch 26490.

Pivot:

26830

Our preference:

Short positions below 26830 with targets at 26490 & 26360 in extension.

Alternative scenario:

Above 26830 look for further upside with 26880 & 26950 as targets.

Comment:

The RSI is below its neutrality area at 50%

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: key resistance at 7150.

Pivot:

7150

Our preference:

Short positions below 7150 with targets at 7085 & 7045 in extension.

Alternative scenario:

Above 7150 look for further upside with 7165 & 7185 as targets.

Comment:

As long as the resistance at 7150 is not surpassed, the risk of the break below 7085 remains high.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: target 49090.

Pivot:

49665

Our preference:

Short positions below 49665 with targets at 49090 & 48910 in extension.

Alternative scenario:

Above 49665 look for further upside with 50000 & 50280 as targets.

Comment:

The RSI is below its neutrality area at 50%