GBPUSD and USDJPY remain stable in a challenging market.

MARKET ANALYSIS

GBPUSD

GBP/USD intraday: bullish bias above 1.3255.

Pivot:1.3255

Our preference:

Long positions above 1.3255 with targets at 1.3290 & 1.3310 in extension.

Alternative scenario:

Below 1.3255 look for further downside with 1.3235 & 1.3210 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

USDJPY

USD/JPY intraday: the bias remains bullish.

Pivot:162.30

Our preference:

Long positions above 162.30 with targets at 162.80 & 163.00 in extension.

Alternative scenario:

Below 162.30 look for further downside with 162.10 & 161.90 as targets.

Comment:

A support base at 162.30 has formed and has allowed for a temporary stabilisation.

EURUSD

EUR/USD intraday: the downside prevails.

Pivot:1.1395

Our preference:

Short positions below 1.1395 with targets at 1.1360 & 1.1340 in extension.

Alternative scenario:

Above 1.1395 look for further upside with 1.1415 & 1.1435 as targets.

Comment:

As long as the resistance at 1.1395 is not surpassed, the risk of the break below 1.1360 remains high.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Q6)‎ intraday: aim @ 66.80.

Pivot:69.20

Our preference:

Short positions below 69.20 with targets at 66.80 & 66.00 in extension.

Alternative scenario:

Above 69.20 look for further upside with 70.10 & 70.90 as targets.

Comment:

The RSI is below its neutrality area at 50%

GOLD

Gold intraday: watch 4005.

Pivot:4075

Our preference:

Short positions below 4075 with targets at 4005 & 3980 in extension.

Alternative scenario:

Above 4075 look for further upside with 4100 & 4140 as targets.

Comment:

As long as 4075 is resistance, likely decline to 4005.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: under pressure.

Pivot:52760

Our preference:

Short positions below 52760 with targets at 52320 & 52140 in extension.

Alternative scenario:

Above 52760 look for further upside with 52900 & 53080 as targets.

Comment:

The RSI is below its neutrality area at 50%

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: consolidation in place.

Pivot:30360

Our preference:

Short positions below 30360 with targets at 29880 & 29500 in extension.

Alternative scenario:

Above 30360 look for further upside with 30570 & 30760 as targets.

Comment:

As long as 30360 is resistance, likely decline to 29880.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: consolidation in place.

Pivot:7580

Our preference:

Short positions below 7580 with targets at 7490 & 7450 in extension.

Alternative scenario:

Above 7580 look for further upside with 7610 & 7650 as targets.

Comment:

As long as 7580 is resistance, look for choppy price action with a bearish bias.