Refining Market Perspective: Context Matters

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: choppy.

Pivot:

153.40

Our preference:

Short positions below 153.40 with targets at 152.30 & 151.90 in extension.

Alternative scenario:

Above 153.40 look for further upside with 153.75 & 154.10 as targets.

Comment:

As long as 153.40 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD Intraday: key resistance at 1.1890.

Pivot:

1.1890

Our preference:

Short positions below 1.1890 with targets at 1.1850 & 1.1830 in extension.

Alternative scenario:

Above 1.1890 look for further upside with 1.1910 & 1.1930 as targets.

Comment:

As long as 1.1890 is resistance, look for choppy price action with a bearish bias.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:

1.3650

Our preference:

Short positions below 1.3650 with targets at 1.3600 & 1.3580 in extension.

Alternative scenario:

Above 1.3650 look for further upside with 1.3670 & 1.3690 as targets.

Comment:

As long as the resistance at 1.3650 is not surpassed, the risk of the break below 1.3600 remains high.

GOLD

Gold Intraday: target 4800.

Pivot:

5007

Our preference:

Short positions below 5007 with targets at 4845 & 4800 in extension.

Alternative scenario:

Above 5007 look for further upside with 5040 & 5080 as targets.

Comment:

As long as the resistance at 5007 is not surpassed, the risk of the break below 4845 remains high.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: key resistance at 63.65.

Pivot:

63.65

Our preference:

Short positions below 63.65 with targets at 62.20 & 61.50 in extension.

Alternative scenario:

Above 63.65 look for further upside with 64.00 & 64.45 as targets.

Comment:

The RSI has broken down its 30 level.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: the downside prevails.

Pivot:

25060

Our preference:

Short positions below 25060 with targets at 24700 & 24550 in extension.

Alternative scenario:

Above 25060 look for further upside with 25200 & 25340 as targets.

Comment:

The RSI is bearish and calls for further decline.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: watch 6808.

Pivot:

6890

Our preference:

Short positions below 6890 with targets at 6808 & 6770 in extension.

Alternative scenario:

Above 6890 look for further upside with 6933 & 6970 as targets.

Comment:

The RSI shows downside momentum.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: the downside prevails.

Pivot:

49970

Our preference:

Short positions below 49970 with targets at 49400 & 49200 in extension.

Alternative scenario:

Above 49970 look for further upside with 50290 & 50600 as targets.

Comment:

A break below 49400 would trigger a drop towards 49200.