Weekly Reflection: Progress in Motion

MARKET ANALYSIS

GBPUSD

GBP/USD Intraday: bullish bias above 1.3355.

Pivot:

1.3355

Our preference:

Long positions above 1.3355 with targets at 1.3405 & 1.3425 in extension.

Alternative scenario:

Below 1.3355 look for further downside with 1.3335 & 1.3315 as targets.

Comment:

A support base at 1.3355 has formed and has allowed for a temporary stabilisation.

USDJPY

USD/JPY Intraday: watch 155.30.

Pivot:

155.95

Our preference:

Short positions below 155.95 with targets at 155.30 & 155.05 in extension.

Alternative scenario:

Above 155.95 look for further upside with 156.20 & 156.50 as targets.

Comment:

A break below 155.30 would trigger a drop towards 155.05.

EURUSD

EUR/USD Intraday: rebound expected.

Pivot:

1.1705

Our preference:

Long positions above 1.1705 with targets at 1.1740 & 1.1760 in extension.

Alternative scenario:

Below 1.1705 look for further downside with 1.1680 & 1.1660 as targets.

Comment:

A support base at 1.1705 has formed and has allowed for a temporary stabilisation.

GOLD

Gold Intraday: choppy.

Pivot:

4354

Our preference:

Short positions below 4354 with targets at 4307 & 4290 in extension.

Alternative scenario:

Above 4354 look for further upside with 4374 & 4400 as targets.

Comment:

The RSI is mixed.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: under pressure.

Pivot:

56.45

Our preference:

Short positions below 56.45 with targets at 55.55 & 54.95 in extension.

Alternative scenario:

Above 56.45 look for further upside with 56.85 & 57.20 as targets.

Comment:

The RSI lacks upward momentum.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: watch 25500.

Pivot:

25100

Our preference:

Long positions above 25100 with targets at 25500 & 25655 in extension.

Alternative scenario:

Below 25100 look for further downside with 24910 & 24805 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: caution.

Pivot:

6812

Our preference:

Long positions above 6812 with targets at 6882 & 6930 in extension.

Alternative scenario:

Below 6812 look for further downside with 6792 & 6771 as targets.

Comment:

Intraday technical indicators are mixed.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: intraday support around 48150.

Pivot:

48150

Our preference:

Long positions above 48150 with targets at 48730 & 48920 in extension.

Alternative scenario:

Below 48150 look for further downside with 48000 & 47900 as targets.

Comment:

The RSI is mixed and calls for caution.