Early Market Developments Take Shape

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: further advance.

Pivot:156.00

Our preference:

Long positions above 156.00 with targets at 156.80 & 157.15 in extension.

Alternative scenario:

Below 156.00 look for further downside with 155.80 & 155.55 as targets.

Comment:

The RSI advocates for further upside.

EURUSD

EUR/USD Intraday: under pressure.

Pivot:1.1800

Our preference:

Short positions below 1.1800 with targets at 1.1740 & 1.1710 in extension.

Alternative scenario:

Above 1.1800 look for further upside with 1.1825 & 1.1845 as targets.

Comment:

The RSI has broken down its 30 level.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:1.3460

Our preference:

Short positions below 1.3460 with targets at 1.3380 & 1.3340 in extension.

Alternative scenario:

Above 1.3460 look for further upside with 1.3490 & 1.3520 as targets.

Comment:

The RSI is bearish and calls for further decline.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: intraday support around 70.30.

Pivot:70.30

Our preference:

Long positions above 70.30 with targets at 75.00 & 76.40 in extension.

Alternative scenario:

Below 70.30 look for further downside with 67.80 & 66.10 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold Intraday: expect 5450.

Pivot:5275

Our preference:

Long positions above 5275 with targets at 5400 & 5450 in extension.

Alternative scenario:

Below 5275 look for further downside with 5215 & 5170 as targets.

Comment:

The RSI shows upside momentum.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: towards 24450.

Pivot:25000

Our preference:

Short positions below 25000 with targets at 24570 & 24450 in extension.

Alternative scenario:

Above 25000 look for further upside with 25110 & 25270 as targets.

Comment:

As long as the resistance at 25000 is not surpassed, the risk of the break below 24570 remains high.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: under pressure.

Pivot:6885

Our preference:

Short positions below 6885 with targets at 6790 & 6750 in extension.

Alternative scenario:

Above 6885 look for further upside with 6925 & 6945 as targets.

Comment:

The RSI has broken down its 30 level.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: the downside prevails.

Pivot:48970

Our preference:

Short positions below 48970 with targets at 48090 & 47600 in extension.

Alternative scenario:

Above 48970 look for further upside with 49200 & 49400 as targets.

Comment:

The RSI has broken down its 30 level.