Support is holding. Momentum is building. EURUSD, Gold and Indices – the climb is on.

MARKET ANALYSIS

USDJPY

USD/JPY intraday: choppy.

Pivot:

159.25

Our preference:

Short positions below 159.25 with targets at 158.80 & 158.60 in extension.

Alternative scenario:

Above 159.25 look for further upside with 159.45 & 159.65 as targets.

Comment:

As long as 159.25 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD intraday: the bias remains bullish.

Pivot:

1.1585

Our preference:

Long positions above 1.1585 with targets at 1.1645 & 1.1660 in extension.

Alternative scenario:

Below 1.1585 look for further downside with 1.1570 & 1.1555 as targets.

Comment:

A support base at 1.1585 has formed and has allowed for a temporary stabilisation.

GBPUSD

GBP/USD intraday: the bias remains bullish.

Pivot:

1.3395

Our preference:

Long positions above 1.3395 with targets at 1.3460 & 1.3480 in extension.

Alternative scenario:

Below 1.3395 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)

GBP/USD intraday: the bias remains bullish.

Pivot:

1.3395

Our preference:

Long positions above 1.3395 with targets at 1.3460 & 1.3480 in extension.

Alternative scenario:

Below 1.3395 look for further downside with 1.3375 & 1.3355 as targets.

Comment:

The next resistances are at 1.3460 and then at 1.3480.

GOLD

Gold intraday: turning up.

Pivot:

4510

Our preference:

Long positions above 4510 with targets at 4570 & 4588 in extension.

Alternative scenario:

Below 4510 look for further downside with 4477 & 4452 as targets.

Comment:

The RSI is mixed with a bullish bias.

DOW JONES

Dow Jones (CME)‎ (M6)‎ intraday: look for 50900.

Pivot:

49800

Our preference:

Long positions above 49800 with targets at 50900 & 51100 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: target 29960.

Pivot:

29110

Our preference:

Long positions above 29110 with targets at 29770 & 29960 in extension.

Alternative scenario:

Below 29110 look for further downside with 28840 & 28660 as targets.

Comment:

The RSI calls for a new upleg.

S&P 500

S&P 500 (CME)‎ (M6)‎ intraday: 7539 in sight.

Pivot:

7407

Our preference:

Long positions above 7407 with targets at 7510 & 7539 in extension.

Alternative scenario:

Below 7407 look for further downside with 7377 & 7355 as targets.

Comment:

The RSI calls for a new upleg.