EURUSD, GBPUSD, Oil, Gold, and the Indices found their direction; the Yen resisted.

MARKET ANALYSIS

USDJPY

USD/JPY intraday: key resistance at 162.30.

Pivot:162.30

Our preference:

Short positions below 162.30 with targets at 162.00 & 161.80 in extension.

Alternative scenario:

Above 162.30 look for further upside with 162.50 & 162.70 as targets.

Comment:

As long as 162.30 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD intraday: bullish bias above 1.1400.

Pivot:1.1400

Our preference:

Long positions above 1.1400 with targets at 1.1440 & 1.1460 in extension.

Alternative scenario:

Below 1.1400 look for further downside with 1.1375 & 1.1360 as targets.

Comment:

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

GBPUSD

GBP/USD intraday: the bias remains bullish.

Pivot:1.3360

Our preference:

Long positions above 1.3360 with targets at 1.3420 & 1.3440 in extension.

Alternative scenario:

Below 1.3360 look for further downside with 1.3340 & 1.3320 as targets.

Comment:

The RSI is above its neutrality area at 50%.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Q6)‎ intraday: bullish bias above 78.50.

Pivot:78.50

Our preference:

Long positions above 78.50 with targets at 81.00 & 82.60 in extension.

Alternative scenario:

Below 78.50 look for further downside with 77.50 & 76.00 as targets.

Comment:

The RSI is mixed with a bullish bias.

GOLD

Gold intraday: intraday support around 4030.

Pivot:4030

Our preference:

Long positions above 4030 with targets at 4075 & 4100 in extension.

Alternative scenario:

Below 4030 look for further downside with 4013 & 3990 as targets.

Comment:

The RSI is mixed with a bullish bias.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: continuation of the rebound.

Pivot:52680

Our preference:

Long positions above 52680 with targets at 53000 & 53113 in extension.

Alternative scenario:

Below 52680 look for further downside with 52580 & 52470 as targets.

Comment:

The next resistances are at 53000 and then at 53113.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: towards 30080.

Pivot:29650

Our preference:

Long positions above 29650 with targets at 29990 & 30080 in extension.

Alternative scenario:

Below 29650 look for further downside with 29560 & 29360 as targets.

Comment:

The RSI calls for a new upleg.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: further advance.

Pivot:7570

Our preference:

Long positions above 7570 with targets at 7610 & 7630 in extension.

Alternative scenario:

Below 7570 look for further downside with 7555 & 7538 as targets.

Comment:

The next resistances are at 7610 and then at 7630.