Bulls Hold FX & Stocks; Oil Reversal in Focus

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Towards 159.68

Our pivot point is at 158.88.

Our preference:

The upside prevails as long as 158.88 is support, with 159.68 and 159.86 as targets

Alternative scenario:

Below 158.88, expect 158.58 and 158.41.

Comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price is above its 20 and 50 period moving average (respectively at 159.28 and 159.25).

EURUSD

EUR/USD intraday : The upside prevails as long as 1.1525 is support

Our pivot point is at 1.1525.

Our preference:

The upside prevails as long as 1.1525 is support, with 1.1570 and 1.1582 as targets

Alternative scenario:

Below 1.1525, expect 1.1505 and 1.1492.

Comment:

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. The price is above its 20 and 50 period moving average (respectively at 1.1541 and 1.1541).

GBPUSD

GBP/USD intraday : The upside prevails as long as 1.3482 is support

Our pivot point is at 1.3482.

Our preference:

The upside prevails as long as 1.3482 is support, with 1.3551 and 1.3571 as targets

Alternative scenario:

Below 1.3482, expect 1.3449 and 1.3430.

Comment:

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. The price is above its 20 and 50 period moving average (respectively at 1.3506 and 1.3506).

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (U6)‎ intraday: choppy.

Pivot:84.55

Our preference:

Short positions below 84.55 with targets at 81.20 & 79.55 in extension.

Alternative scenario:

Above 84.55 look for further upside with 85.55 & 86.90 as targets.

Comment:

As long as 84.55 is resistance, look for choppy price action with a bearish bias.

GOLD

Gold intraday : On the edge of pivot level

Our pivot point is at 4,348.

Our preference:

The upside prevails as long as 4,348 is support, with 4,439 and 4,462 as targets

Alternative scenario:

Below 4,348, expect 4,309 and 4,286.

Comment:

Price is almost testing our pivot level; this may be the last chance for a reversal.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: intraday support around 53800.

Pivot:53800

Our preference:

Long positions above 53800 with targets at 54340 & 54670 in extension.

Alternative scenario:

Below 53800 look for further downside with 53490 & 53100 as targets.

Comment:

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

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: intraday support around 29470.

Pivot:29470

Our preference:

Long positions above 29470 with targets at 30070 & 30400 in extension.

Alternative scenario:

Below 29470 look for further downside with 29240 & 29030 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)‎ (U6)‎ intraday: the bias remains bullish.

Pivot:7725

Our preference:

Long positions above 7725 with targets at 7820 & 7890 in extension.

Alternative scenario:

Below 7725 look for further downside with 7649 & 7568 as targets.

Comment:

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