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

MARKET ANALYSIS

GBPUSD

GBP/USD intraday: the bias remains bullish.

Pivot:1.3390

Our preference:

Long positions above 1.3390 with targets at 1.3430 & 1.3450 in extension.

Alternative scenario:

Below 1.3390 look for further downside with 1.3375 & 1.3355 as targets.

Comment:

A support base at 1.3390 has formed and has allowed for a temporary stabilisation.

USDJPY

USD/JPY intraday: consolidation.

Pivot:162.50

Our preference:

Short positions below 162.50 with targets at 162.20 & 162.00 in extension.

Alternative scenario:

Above 162.50 look for further upside with 162.70 & 162.90 as targets.

Comment:

As long as 162.50 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD intraday: bullish bias above 1.1420.

Pivot:1.1420

Our preference:

Long positions above 1.1420 with targets at 1.1445 & 1.1460 in extension.

Alternative scenario:

Below 1.1420 look for further downside with 1.1405 & 1.1390 as targets.

Comment:

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

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Q6)‎ intraday: under pressure.

Pivot:73.00

Our preference:

Short positions below 73.00 with targets at 70.70 & 69.40 in extension.

Alternative scenario:

Above 73.00 look for further upside with 74.00 & 75.10 as targets.

Comment:

The RSI is bearish and calls for further decline.

GOLD

Gold intraday: rebound.

Pivot:4094

Our preference:

Long positions above 4094 with targets at 4164 & 4180 in extension.

Alternative scenario:

Below 4094 look for further downside with 4055 & 4021 as targets.

Comment:

The RSI is mixed with a bullish bias.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: rebound expected.

Pivot:52490

Our preference:

Long positions above 52490 with targets at 52910 & 53090 in extension.

Alternative scenario:

Below 52490 look for further downside with 52350 & 52220 as targets.

Comment:

The next resistances are at 52910 and then at 53090.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: expect 30280.

Pivot:29730

Our preference:

Long positions above 29730 with targets at 30025 & 30280 in extension.

Alternative scenario:

Below 29730 look for further downside with 29560 & 29400 as targets.

Comment:

The next resistances are at 30025 and then at 30280.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: 7630 in sight.

Pivot:7555

Our preference:

Long positions above 7555 with targets at 7610 & 7630 in extension.

Alternative scenario:

Below 7555 look for further downside with 7530 & 7507 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.