Pound, Euro, Gold, and indices rally across most markets this morning.

MARKET ANALYSIS

GBPUSD

GBP/USD intraday: further upside.

Pivot:

1.3360

Our preference:

Long positions above 1.3360 with targets at 1.3420 & 1.3440 in extension.

Alternative scenario:

Below 1.3360 look for further downside with 1.3340 & 1.3325 as targets.

Comment:

The RSI shows upside momentum.

USDJPY

USD/JPY intraday: consolidation.

Pivot:

162.40

Our preference:

Short positions below 162.40 with targets at 161.70 & 161.50 in extension.

Alternative scenario:

Above 162.40 look for further upside with 162.60 & 162.80 as targets.

Comment:

As long as 162.40 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD intraday: aim @ 1.1470.

Pivot:

1.1425

Our preference:

Long positions above 1.1425 with targets at 1.1455 & 1.1470 in extension.

Alternative scenario:

Below 1.1425 look for further downside with 1.1410 & 1.1395 as targets.

Comment:

The RSI is bullish and calls for further advance.

GOLD

Gold intraday: bounce.

Pivot:

4130

Our preference:

Long positions above 4130 with targets at 4200 & 4230 in extension.

Alternative scenario:

Below 4130 look for further downside with 4105 & 4075 as targets.

Comment:

The RSI calls for a bounce.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Q6)‎ intraday: choppy.

Pivot:

69.25

Our preference:

Short positions below 69.25 with targets at 67.85 & 67.50 in extension.

Alternative scenario:

Above 69.25 look for further upside with 69.85 & 70.15 as targets.

Comment:

As long as 69.25 is resistance, look for choppy price action with a bearish bias.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: expect 53700.

Pivot:

53150

Our preference:

Long positions above 53150 with targets at 53490 & 53700 in extension.

Alternative scenario:

Below 53150 look for further downside with 53075 & 52920 as targets.

Comment:

The next resistances are at 53490 and then at 53700.