Risk-Off Tone: FX (Excl. Oil), Gold & Stocks Under Pressure

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Expect 159.18

Our pivot point is at 160.07.

Our preference:

The downside prevails as long as 160.07 is resistance, with 159.18 and 158.99 as targets

Alternative scenario:

Above 160.07, look for 160.39 and 160.58.

Comment:

Markets remain in wait-and-see mode ahead of a technical break.

EURUSD

EUR/USD intraday : As long as 1.1595 is support, look for 1.1657

Our pivot point is at 1.1595.

Our preference:

As long as 1.1595 is support, look for 1.1657

Alternative scenario:

Below 1.1595, expect 1.1572 and 1.1559.

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 1.1615 and 1.1602).

GBPUSD

GBP/USD intraday : Target 1.3497

Our pivot point is at 1.3567.

Our preference:

Target 1.3497

Alternative scenario:

Above 1.3567, look for 1.3593 and 1.3609.

Comment:

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. The price is below its 20 period moving average (1.3549) but above its 50 period moving average (1.3545).

CRUDE OIL

Crude Oil (WTI)‎ (V6)‎ intraday: bullish bias above 84.50.

Pivot:

84.50

Our preference:

Long positions above 84.50 with targets at 86.80 & 88.00 in extension.

Alternative scenario:

Below 84.50 look for further downside with 83.50 & 82.00 as targets.

Comment:

The RSI calls for a new upleg.

GOLD

Gold intraday : Towards 4,395

Our pivot point is at 4,503.

Our preference:

The downside prevails as long as 4,503 is resistance, with 4,395 and 4,365 as targets

Alternative scenario:

Above 4,503, look for 4,553 and 4,583.

Comment:

The RSI is below its neutrality area at 50.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: 53040 expected.

Pivot:

53370

Our preference:

Short positions below 53370 with targets at 53040 & 52840 in extension.

Alternative scenario:

Above 53370 look for further upside with 53550 & 53660 as targets.

Comment:

The RSI is mixed with a bearish bias.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: watch 29274.

Pivot:

29540

Our preference:

Short positions below 29540 with targets at 29274 & 29100 in extension.

Alternative scenario:

Above 29540 look for further upside with 29700 & 29810 as targets.

Comment:

The RSI is above its neutrality area at 50% but reversing down.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: target 7671.

Pivot:

7718

Our preference:

Short positions below 7718 with targets at 7671 & 7640 in extension.

Alternative scenario:

Above 7718 look for further upside with 7755 & 7782 as targets.

Comment:

The RSI is mixed to bearish.