Pivots in Focus: USDJPY/EUR Down, GBP/Gold/Stocks Up

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Risk escalating

Our pivot point is at 159.57.

Our preference:

The downside prevails as long as 159.57 is resistance, with 158.27 and 158.09 as targets

Alternative scenario:

Above 159.57, look for 159.86 and 160.04.

Comment:

Price is close to our pivot level; this could be the last opportunity for a reversal.

EURUSD

EUR/USD intraday : Target 1.1497

Our pivot point is at 1.1546.

Our preference:

The downside prevails as long as 1.1546 is resistance, with 1.1497 and 1.1485 as targets

Alternative scenario:

Above 1.1546, look for 1.1566 and 1.1579.

Comment:

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The price stands below its 20 and 50 period moving average (respectively at 1.1530 and 1.1536).

GBPUSD

GBP/USD intraday : Pivotal moment

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:

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

CRUDE OIL (WTI)

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

Pivot:

84.55

Our preference:

Short positions below 84.55 with targets at 81.30 & 80.30 in extension.

Alternative scenario:

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

Comment:

The RSI lacks upward momentum.

GOLD

Gold intraday : Trend at a crossroads

Our pivot point is at 4,386.

Our preference:

The upside prevails as long as 4,386 is support, with 4,485 and 4,507 as targets

Alternative scenario:

Below 4,386, expect 4,348 and 4,326.

Comment:

The asset's price is approaching our pivot level at a critical juncture, leaving little room for the asset to reverse its current trajectory.

DOW JONES

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

Pivot:

53820

Our preference:

Long positions above 53820 with targets at 54180 & 54340 in extension.

Alternative scenario:

Below 53820 look for further downside with 53660 & 53490 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 29680.

Pivot:

29680

Our preference:

Long positions above 29680 with targets at 30000 & 30180 in extension.

Alternative scenario:

Below 29680 look for further downside with 29470 & 29240 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:

7737

Our preference:

Long positions above 7737 with targets at 7795 & 7820 in extension.

Alternative scenario:

Below 7737 look for further downside with 7725 & 7690 as targets.

Comment:

The RSI lacks downward momentum.