Risk-Off Day: FX, Gold, Stocks Drop; Oil Bucks the Trend

MARKET ANALYSIS

USDJPY

USD/JPY intraday : 159.05 in sight

Our pivot point is at 159.82.

Our preference:

Target 158.85

Alternative scenario:

Above 159.82, look for 160.15 and 160.35.

Comment:

The RSI is below its neutrality area at 50. The price stands below its 20 and 50 period moving average (respectively at 159.60 and 159.60).

EURUSD

EUR/USD intraday : Expect 1.1548

Our pivot point is at 1.1590.

Our preference:

The downside prevails as long as 1.1590 is resistance, with 1.1548 and 1.1536 as targets

Alternative scenario:

Above 1.1590, look for 1.1610 and 1.1622.

Comment:

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The price stands below its 20 and 50 period moving average (respectively at 1.1578 and 1.1577).

GBPUSD

GBP/USD intraday : Aim at 1.3497

Our pivot point is at 1.3565.

Our preference:

The downside prevails as long as 1.3565 is resistance, with 1.3497 and 1.3478 as targets

Alternative scenario:

Above 1.3565, look for 1.3597 and 1.3617.

Comment:

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The price stands below its 20 and 50 period moving average (respectively at 1.3537 and 1.3536).

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (V6)‎ intraday: the bias remains bullish.

Pivot:82.90

Our preference:

Long positions above 82.90 with targets at 85.85 & 87.00 in extension.

Alternative scenario:

Below 82.90 look for further downside with 82.25 & 81.30 as targets.

Comment:

The RSI has just landed on its neutrality area at 50% and is turning up.

GOLD

Gold intraday : Towards 4,297

Our pivot point is at 4,386.

Our preference:

The downside prevails as long as 4,386 is resistance, with 4,297 and 4,276 as targets

Alternative scenario:

Above 4,386, look for 4,421 and 4,442.

Comment:

The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The price stands below its 20 and 50 period moving average (respectively at 4,354 and 4,382).

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: under pressure.

Pivot:53720

Our preference:

Short positions below 53720 with targets at 53310 & 53080 in extension.

Alternative scenario:

Above 53720 look for further upside with 54000 & 54140 as targets.

Comment:

A break below 53310 would trigger a drop towards 53080.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: expect 29250.

Pivot:29780

Our preference:

Short positions below 29780 with targets at 29450 & 29250 in extension.

Alternative scenario:

Above 29780 look for further upside with 29920 & 30050 as targets.

Comment:

The RSI is bearish and calls for further downside.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: target 7649.

Pivot:7742

Our preference:

Short positions below 7742 with targets at 7685 & 7649 in extension.

Alternative scenario:

Above 7742 look for further upside with 7762 & 7790 as targets.

Comment:

The RSI advocates for further decline.