What We're Watching – May 13

MARKET ANALYSIS

USDJPY

USD/JPY intraday: 157.80 in sight.

Pivot:

157.30

Our preference:

Long positions above 157.30 with targets at 157.80 & 158.10 in extension.

Alternative scenario:

Below 157.30 look for further downside with 157.00 & 156.75 as targets.

Comment:

The next resistances are at 157.80 and then at 158.10.

EURUSD

EUR/USD intraday: watch 1.1720.

Pivot:

1.1760

Our preference:

Short positions below 1.1760 with targets at 1.1720 & 1.1700 in extension.

Alternative scenario:

Above 1.1760 look for further upside with 1.1775 & 1.1790 as targets.

Comment:

A break below 1.1720 would trigger a drop towards 1.1700.

GBPUSD

GBP/USD intraday: under pressure.

Pivot:

1.3570

Our preference:

Short positions below 1.3570 with targets at 1.3500 & 1.3475 in extension.

Alternative scenario:

Above 1.3570 look for further upside with 1.3600 & 1.3630 as targets.

Comment:

As long as 1.3570 is resistance, expect a return to 1.3500.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ intraday: look for 104.55.

Pivot:

100.30

Our preference:

Long positions above 100.30 with targets at 102.90 & 104.55 in extension.

Alternative scenario:

Below 100.30 look for further downside with 98.00 & 96.10 as targets.

Comment:

The RSI is mixed with a bullish bias.

GOLD

Gold intraday: up turn.

Pivot:

4685

Our preference:

Long positions above 4685 with targets at 4745 & 4770 in extension.

Alternative scenario:

Below 4685 look for further downside with 4650 & 4620 as targets.

Comment:

The RSI calls for a bounce.

DOW JONES

Dow Jones (CME)‎ (M6)‎ intraday: target 50170.

Pivot:

49690

Our preference:

Long positions above 49690 with targets at 49980 & 50170 in extension.

Alternative scenario:

Below 49690 look for further downside with 49560 & 49400 as targets.

Comment:

The RSI shows upside momentum.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ intraday: towards 29360.

Pivot:

28940

Our preference:

Long positions above 28940 with targets at 29230 & 29360 in extension.

Alternative scenario:

Below 28940 look for further downside with 28860 & 28740 as targets.

Comment:

The RSI is bullish and calls for further advance.

S&P 500

S&P 500 (CME)‎ (M6)‎ intraday: 7455 expected.

Pivot:

7400

Our preference:

Long positions above 7400 with targets at 7440 & 7455 in extension.

Alternative scenario:

Below 7400 look for further downside with 7380 & 7363 as targets.

Comment:

The RSI is mixed to bullish.