Momentum is speaking. USDJPY, Gold, and Indices are listening – are you?

MARKET ANALYSIS

USDJPY

USD/JPY intraday: the upside prevails.

Pivot:

157.60

Our preference:

Long positions above 157.60 with targets at 158.00 & 158.15 in extension.

Alternative scenario:

Below 157.60 look for further downside with 157.45 & 157.30 as targets.

Comment:

The RSI has just landed on its neutrality area at 50% and is turning up.

EURUSD

EUR/USD intraday: watch 1.1700.

Pivot:

1.1735

Our preference:

Short positions below 1.1735 with targets at 1.1700 & 1.1685 in extension.

Alternative scenario:

Above 1.1735 look for further upside with 1.1750 & 1.1765 as targets.

Comment:

A break below 1.1700 would trigger a drop towards 1.1685.

GBPUSD

GBP/USD intraday: key resistance at 1.3550.

Pivot:

1.3550

Our preference:

Short positions below 1.3550 with targets at 1.3500 & 1.3480 in extension.

Alternative scenario:

Above 1.3550 look for further upside with 1.3575 & 1.3600 as targets.

Comment:

As long as the resistance at 1.3550 is not surpassed, the risk of the break below 1.3500 remains high.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ intraday: caution.

Pivot:

100.50

Our preference:

Long positions above 100.50 with targets at 102.50 & 103.70 in extension.

Alternative scenario:

Below 100.50 look for further downside with 99.30 & 97.80 as targets.

Comment:

Investors have to remain cautious since these levels may trigger profit taking.

GOLD

Gold intraday: aim @ 4745.

Pivot:

4668

Our preference:

Long positions above 4668 with targets at 4726 & 4745 in extension.

Alternative scenario:

Below 4668 look for further downside with 4650 & 4620 as targets.

Comment:

The RSI calls for a bounce.

DOW JONES

Dow Jones (CME)‎ (M6)‎ intraday: 50170 in sight.

Pivot:

49535

Our preference:

Long positions above 49535 with targets at 50030 & 50170 in extension.

Alternative scenario:

Below 49535 look for further downside with 49470 & 49400 as targets.

Comment:

The RSI shows upside momentum.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ intraday: 30000 expected.

Pivot:

29280

Our preference:

Long positions above 29280 with targets at 29850 & 30000 in extension.

Alternative scenario:

Below 29280 look for further downside with 29050 & 28860 as targets.

Comment:

The RSI shows upside momentum.

S&P 500

S&P 500 (CME)‎ (M6)‎ intraday: towards 7530.

Pivot:

7430

Our preference:

Long positions above 7430 with targets at 7500 & 7530 in extension.

Alternative scenario:

Below 7430 look for further downside with 7400 & 7363 as targets.

Comment:

The RSI shows upside momentum.