Euro, Pound, Gold, and Indices surge while Yen and Oil remain range-bound.

MARKET ANALYSIS

USDJPY

USD/JPY intraday: choppy.

Pivot:159.20

Our preference:

Short positions below 159.20 with targets at 158.60 & 158.40 in extension.

Alternative scenario:

Above 159.20 look for further upside with 159.40 & 159.60 as targets.

Comment:

As long as 159.20 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD intraday: bullish bias above 1.1600.

Pivot:1.1600

Our preference:

Long positions above 1.1600 with targets at 1.1645 & 1.1660 in extension.

Alternative scenario:

Below 1.1600 look for further downside with 1.1585 & 1.1570 as targets.

Comment:

The RSI is above its neutrality area at 50%.

GBPUSD

GBP/USD intraday: the bias remains bullish.

Pivot:1.3400

Our preference:

Long positions above 1.3400 with targets at 1.3460 & 1.3480 in extension.

Alternative scenario:

Below 1.3400 look for further downside with 1.3375 & 1.3355 as targets.

Comment:

The next resistances are at 1.3460 and then at 1.3480.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (N6)‎ intraday: key resistance at 101.00.

Pivot:101.00

Our preference:

Short positions below 101.00 with targets at 97.00 & 95.90 in extension.

Alternative scenario:

Above 101.00 look for further upside with 102.60 & 104.00 as targets.

Comment:

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

GOLD

Gold intraday: bounce.

Pivot:4500

Our preference:

Long positions above 4500 with targets at 4585 & 4620 in extension.

Alternative scenario:

Below 4500 look for further downside with 4455 & 4420 as targets.

Comment:

The RSI is bullish and calls for further advance.

DOW JONES

Dow Jones (CME)‎ (M6)‎ intraday: towards 50280.

Pivot:49800

Our preference:

Long positions above 49800 with targets at 50280 & 50580 in extension.

Alternative scenario:

Below 49800 look for further downside with 49540 & 49290 as targets.

Comment:

The RSI shows upside momentum.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ intraday: the bias remains bullish.

Pivot:29030

Our preference:

Long positions above 29030 with targets at 29470 & 29780 in extension.

Alternative scenario:

Below 29030 look for further downside with 28840 & 28660 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)‎ (M6)‎ intraday: the bias remains bullish.

Pivot:7395

Our preference:

Long positions above 7395 with targets at 7470 & 7496 in extension.

Alternative scenario:

Below 7395 look for further downside with 7355 & 7315 as targets.

Comment:

The RSI is mixed to bullish.