Market Adjustments Underway

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: bullish bias above 159.00.

Pivot:159.00

Our preference:

Long positions above 159.00 with targets at 159.65 & 159.90 in extension.

Alternative scenario:

Below 159.00 look for further downside with 158.70 & 158.40 as targets.

Comment:

The RSI is above its neutrality area at 50%.

EURUSD

EUR/USD Intraday: towards 1.1520.

Pivot:1.1590

Our preference:

Short positions below 1.1590 with targets at 1.1540 & 1.1520 in extension.

Alternative scenario:

Above 1.1590 look for further upside with 1.1610 & 1.1630 as targets.

Comment:

The RSI calls for a new downleg.

GBPUSD

GBP/USD Intraday: watch 1.3310.

Pivot:1.3400

Our preference:

Short positions below 1.3400 with targets at 1.3340 & 1.3310 in extension.

Alternative scenario:

Above 1.3400 look for further upside with 1.3430 & 1.3460 as targets.

Comment:

The RSI advocates for further downside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: rebound.

Pivot:89.10

Our preference:

Long positions above 89.10 with targets at 93.30 & 94.80 in extension.

Alternative scenario:

Below 89.10 look for further downside with 86.70 & 84.40 as targets.

Comment:

The RSI calls for a rebound.

GOLD

Gold Intraday: consolidation in place.

Pivot:4600

Our preference:

Short positions below 4600 with targets at 4400 & 4370 in extension.

Alternative scenario:

Above 4600 look for further upside with 4660 & 4735 as targets.

Comment:

The RSI advocates for further decline.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: range.

Pivot:24190

Our preference:

Long positions above 24190 with targets at 24550 & 24760 in extension.

Alternative scenario:

Below 24190 look for further downside with 24050 & 23940 as targets.

Comment:

The RSI is mixed.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: range.

Pivot:6600

Our preference:

Long positions above 6600 with targets at 6690 & 6745 in extension.

Alternative scenario:

Below 6600 look for further downside with 6575 & 6550 as targets.

Comment:

The RSI is mixed.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: intraday support around 46390.

Pivot:46390

Our preference:

Long positions above 46390 with targets at 47210 & 47670 in extension.

Alternative scenario:

Below 46390 look for further downside with 46060 & 45770 as targets.

Comment:

The next resistances are at 47210 and then at 47670.