Positioning for the Week Ahead

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the upside prevails.

Pivot:

158.55

Our preference:

Long positions above 158.55 with targets at 159.50 & 159.90 in extension.

Alternative scenario:

Below 158.55 look for further downside with 158.25 & 157.85 as targets.

Comment:

The RSI advocates for further advance.

EURUSD

EUR/USD Intraday: consolidation.

Pivot:

1.1590

Our preference:

Short positions below 1.1590 with targets at 1.1525 & 1.1500 in extension.

Alternative scenario:

Above 1.1590 look for further upside with 1.1615 & 1.1640 as targets.

Comment:

As long as 1.1590 is resistance, look for choppy price action with a bearish bias.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:

1.3380

Our preference:

Short positions below 1.3380 with targets at 1.3295 & 1.3245 in extension.

Alternative scenario:

Above 1.3380 look for further upside with 1.3430 & 1.3465 as targets.

Comment:

As long as the resistance at 1.3380 is not surpassed, the risk of the break below 1.3295 remains high.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: 100.50 in sight.

Pivot:

96.00

Our preference:

Long positions above 96.00 with targets at 100.50 & 102.00 in extension.

Alternative scenario:

Below 96.00 look for further downside with 94.00 & 92.45 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold Intraday: 4405 expected.

Pivot:

4610

Our preference:

Short positions below 4610 with targets at 4405 & 4340 in extension.

Alternative scenario:

Above 4610 look for further upside with 4680 & 4735 as targets.

Comment:

The RSI has broken down its 30 level.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: under pressure.

Pivot:

46260

Our preference:

Short positions below 46260 with targets at 45650 & 45300 in extension.

Alternative scenario:

Above 46260 look for further upside with 46620 & 47000 as targets.

Comment:

The RSI is bearish and calls for further decline.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: target 23780.

Pivot:

24360

Our preference:

Short positions below 24360 with targets at 23970 & 23780 in extension.

Alternative scenario:

Above 24360 look for further upside with 24700 & 24915 as targets.

Comment:

The RSI is bearish and calls for further decline.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: target 6475.

Pivot:

6615

Our preference:

Short positions below 6615 with targets at 6523 & 6475 in extension.

Alternative scenario:

Above 6615 look for further upside with 6691 & 6760 as targets.

Comment:

As long as 6615 is resistance, look for choppy price action with a bearish bias.