GBPUSD, Oil, Gold, and the Dow lead gains in a mixed market.

MARKET ANALYSIS

GBPUSD

GBP/USD intraday: the bias remains bullish.

Pivot:1.3155

Our preference:

Long positions above 1.3155 with targets at 1.3220 & 1.3240 in extension.

Alternative scenario:

Below 1.3155 look for further downside with 1.3140 & 1.3120 as targets.

Comment:

The next resistances are at 1.3220 and then at 1.3240.

USDJPY

USD/JPY intraday: consolidation.

Pivot:161.95

Our preference:

Short positions below 161.95 with targets at 161.60 & 161.45 in extension.

Alternative scenario:

Above 161.95 look for further upside with 162.10 & 162.25 as targets.

Comment:

As long as 161.95 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD intraday: bullish bias above 1.1335.

Pivot:1.1335

Our preference:

Long positions above 1.1335 with targets at 1.1390 & 1.1410 in extension.

Alternative scenario:

Below 1.1335 look for further downside with 1.1320 & 1.1300 as targets.

Comment:

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

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Q6)‎ intraday: bullish bias above 70.10.

Pivot:70.10

Our preference:

Long positions above 70.10 with targets at 72.50 & 73.50 in extension.

Alternative scenario:

Below 70.10 look for further downside with 68.90 & 67.50 as targets.

Comment:

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

GOLD

Gold intraday: rebound expected.

Pivot:3970

Our preference:

Long positions above 3970 with targets at 4090 & 4140 in extension.

Alternative scenario:

Below 3970 look for further downside with 3940 & 3900 as targets.

Comment:

The RSI calls for a rebound.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: the bias remains bullish.

Pivot:52230

Our preference:

Long positions above 52230 with targets at 53180 & 53440 in extension.

Alternative scenario:

Below 52230 look for further downside with 51930 & 51720 as targets.

Comment:

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

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: choppy.

Pivot:30200

Our preference:

Short positions below 30200 with targets at 29260 & 28850 in extension.

Alternative scenario:

Above 30200 look for further upside with 30690 & 30930 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 30200.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: range.

Pivot:7490

Our preference:

Short positions below 7490 with targets at 7375 & 7330 in extension.

Alternative scenario:

Above 7490 look for further upside with 7525 & 7550 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 7490.