Trend Watch: Early Signals Taking Shape

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: key resistance at 156.90.

Pivot:

156.90

Our preference:

Short positions below 156.90 with targets at 156.00 & 155.70 in extension.

Alternative scenario:

Above 156.90 look for further upside with 157.30 & 157.65 as targets.

Comment:

As long as the resistance at 156.90 is not surpassed, the risk of the break below 156.00 remains high.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:

1.1680

Our preference:

Long positions above 1.1680 with targets at 1.1740 & 1.1760 in extension.

Alternative scenario:

Below 1.1680 look for further downside with 1.1660 & 1.1640 as targets.

Comment:

The break above 1.1680 is a positive signal that has opened a path to 1.1740.

GBPUSD

GBP/USD Intraday: further advance.

Pivot:

1.3470

Our preference:

Long positions above 1.3470 with targets at 1.3585 & 1.3620 in extension.

Alternative scenario:

Below 1.3470 look for further downside with 1.3435 & 1.3410 as targets.

Comment:

The break above 1.3470 is a positive signal that has opened a path to 1.3585.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: bullish bias above 57.50.

Pivot:

57.50

Our preference:

Long positions above 57.50 with targets at 58.50 & 58.90 in extension.

Alternative scenario:

Below 57.50 look for further downside with 57.10 & 56.40 as targets.

Comment:

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

GOLD

Gold Intraday: 4500 in sight.

Pivot:

4396

Our preference:

Long positions above 4396 with targets at 4470 & 4500 in extension.

Alternative scenario:

Below 4396 look for further downside with 4365 & 4340 as targets.

Comment:

The RSI is bullish and calls for further advance.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: bullish bias above 49060.

Pivot:

49060

Our preference:

Long positions above 49060 with targets at 49460 & 49760 in extension.

Alternative scenario:

Below 49060 look for further downside with 48890 & 48770 as targets.

Comment:

The RSI advocates for further advance.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: intraday support around 6938.

Pivot:

6938

Our preference:

Long positions above 6938 with targets at 6965 & 6975 in extension.

Alternative scenario:

Below 6938 look for further downside with 6922 & 6906 as targets.

Comment:

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

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: the bias remains bullish.

Pivot:

25540

Our preference:

Long positions above 25540 with targets at 25705 & 25805 in extension.

Alternative scenario:

Below 25540 look for further downside with 25410 & 25265 as targets.

Comment:

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