FX & Equities Rally; Commodities (Oil/Gold) Slide

MARKET ANALYSIS

USDJPY

USD/JPY intraday : As long as 159.21 is support, look for 160.01

Our pivot point is at 159.21.

Our preference:

As long as 159.21 is support, look for 160.01

Alternative scenario:

Below 159.21, expect 158.92 and 158.74.

Comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. The price is above its 20 and 50 period moving average (respectively at 159.44 and 159.39).

EURUSD

EUR/USD intraday : Our next up target stands at 1.1573

Our pivot point is at 1.1515.

Our preference:

Our next up target stands at 1.1573

Alternative scenario:

Below 1.1515, expect 1.1495 and 1.1482.

Comment:

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. The price is above its 20 and 50 period moving average (respectively at 1.1531 and 1.1529).

GBPUSD

GBP/USD intraday : Rebound towards 1.3550

Our pivot point is at 1.3461.

Our preference:

Rebound towards 1.3550

Alternative scenario:

Below 1.3461, expect 1.3429 and 1.3409.

Comment:

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. The price stands below its 20 and 50 period moving average (respectively at 1.3490 and 1.3491).

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (U6)‎ intraday: key resistance at 82.70.

Pivot:

82.70

Our preference:

Short positions below 82.70 with targets at 80.10 & 78.95 in extension.

Alternative scenario:

Above 82.70 look for further upside with 83.80 & 84.60 as targets.

Comment:

A break below 80.10 would trigger a drop towards 78.95.

GOLD

Gold intraday : Decline at a crossroads

Our pivot point is at 4,433.

Our preference:

The downside prevails as long as 4,433 is resistance, with 4,337 and 4,315 as targets

Alternative scenario:

Above 4,433, look for 4,471 and 4,493.

Comment:

Prices are now edging toward our first target. Should this level be reached, a pullback is likely to surface; yet a convincing break below it could open the door to further losses.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: rebound expected.

Pivot:

53700

Our preference:

Long positions above 53700 with targets at 54140 & 54340 in extension.

Alternative scenario:

Below 53700 look for further downside with 53490 & 53340 as targets.

Comment:

The RSI calls for a rebound.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: towards 30400.

Pivot:

29990

Our preference:

Long positions above 29990 with targets at 30270 & 30400 in extension.

Alternative scenario:

Below 29990 look for further downside with 29770 & 29710 as targets.

Comment:

The RSI is above its neutrality area at 50%.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: look for 7860.

Pivot:

7793

Our preference:

Long positions above 7793 with targets at 7838 & 7860 in extension.

Alternative scenario:

Below 7793 look for further downside with 7764 & 7738 as targets.

Comment:

The RSI is mixed with a bullish bias.