The Daily Download: Market Insights

Market Insights

USDJPY

USD/JPY Intraday: further advance.

Pivot:

151.40

Our preference:

Long positions above 151.40 with targets at 152.30 & 152.60 in extension.

Alternative scenario:

Below 151.40 look for further downside with 151.05 & 150.80 as targets.

Comment:

The RSI is bullish and calls for further upside.

EURUSD

EUR/USD Intraday: under pressure.

Pivot:

1.1625

Our preference:

Short positions below 1.1625 with targets at 1.1580 & 1.1560 in extension.

Alternative scenario:

Above 1.1625 look for further upside with 1.1645 & 1.1665 as targets.

Comment:

The RSI is bearish and calls for further decline.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:

1.3400

Our preference:

Short positions below 1.3400 with targets at 1.3335 & 1.3310 in extension.

Alternative scenario:

Above 1.3400 look for further upside with 1.3420 & 1.3440 as targets.

Comment:

The RSI calls for a new downleg.

GOLD

Gold Intraday: the downside prevails.

Pivot:

4150.00

Our preference:

Short positions below 4150.00 with targets at 3990.00 & 3945.00 in extension.

Alternative scenario:

Above 4150.00 look for further upside with 4195.00 & 4245.00 as targets.

Comment:

The RSI has broken down its 30 level.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Z5)‎ Intraday: watch 58.55.

Pivot:

57.00

Our preference:

Long positions above 57.00 with targets at 58.05 & 58.55 in extension.

Alternative scenario:

Below 57.00 look for further downside with 56.50 & 56.00 as targets.

Comment:

The RSI is mixed with a bullish bias.

DOW JONES

Dow Jones (CME)‎ (Z5)‎ Intraday: the bias remains bullish.

Pivot:

46960.00

Our preference:

Long positions above 46960.00 with targets at 47330.00 & 47650.00 in extension.

Alternative scenario:

Below 46960.00 look for further downside with 46810.00 & 46570.00 as targets.

Comment:

Investors have to remain cautious since these levels may trigger profit taking.

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: the bias remains bullish.

Pivot:

6745.00

Our preference:

Long positions above 6745.00 with targets at 6800.00 & 6817.00 in extension.

Alternative scenario:

Below 6745.00 look for further downside with 6711.00 & 6665.00 as targets.

Comment:

The RSI is mixed to bullish.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: the bias remains bullish.

Pivot:

25170.00

Our preference:

Long positions above 25170.00 with targets at 25370.00 & 25510.00 in extension.

Alternative scenario:

Below 25170.00 look for further downside with 25040.00 & 24960.00 as targets.

Comment:

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