Midweek Balance: Patience Meets Strategy

MARKET ANALYSIS

GBPUSD

GBP/USD Intraday: under pressure.

Pivot:

1.3495

Our preference:

Short positions below 1.3495 with targets at 1.3445 & 1.3425 in extension.

Alternative scenario:

Above 1.3495 look for further upside with 1.3520 & 1.3540 as targets.

Comment:

The RSI is bearish and calls for further decline.

USDJPY

USD/JPY Intraday: further advance.

Pivot:

156.00

Our preference:

Long positions above 156.00 with targets at 156.70 & 157.00 in extension.

Alternative scenario:

Below 156.00 look for further downside with 155.75 & 155.50 as targets.

Comment:

The RSI calls for a bounce.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:

1.1770

Our preference:

Short positions below 1.1770 with targets at 1.1735 & 1.1720 in extension.

Alternative scenario:

Above 1.1770 look for further upside with 1.1785 & 1.1800 as targets.

Comment:

The RSI advocates for further downside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: rebound expected.

Pivot:

57.75

Our preference:

Long positions above 57.75 with targets at 58.20 & 58.45 in extension.

Alternative scenario:

Below 57.75 look for further downside with 57.50 & 57.05 as targets.

Comment:

The RSI is mixed and calls for caution.

GOLD

Gold Intraday: look for 4270.

Pivot:

4380

Our preference:

Short positions below 4380 with targets at 4300 & 4270 in extension.

Alternative scenario:

Above 4380 look for further upside with 4405 & 4440 as targets.

Comment:

The RSI is bearish and calls for further decline.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: under pressure.

Pivot:

48770

Our preference:

Short positions below 48770 with targets at 48530 & 48375 in extension.

Alternative scenario:

Above 48770 look for further upside with 48845 & 48915 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 48770.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: towards 25610.

Pivot:

25740

Our preference:

Short positions below 25740 with targets at 25610 & 25540 in extension.

Alternative scenario:

Above 25740 look for further upside with 25820 & 25870 as targets.

Comment:

The RSI advocates for further downside.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: watch 6922.

Pivot:

6961

Our preference:

Short positions below 6961 with targets at 6922 & 6912 in extension.

Alternative scenario:

Above 6961 look for further upside with 6978 & 6990 as targets.

Comment:

The RSI advocates for further decline.