The Big Picture: Global Economic Signals

Market Analysis

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:

1.1560

Our preference:

Long positions above 1.1560 with targets at 1.1620 & 1.1635 in extension.

Alternative scenario:

Below 1.1560 look for further downside with 1.1545 & 1.1530 as targets.

Comment:

The RSI advocates for further upside.

USDJPY

USD/JPY Intraday: bullish bias above 154.35.

Pivot:

154.35

Our preference:

Long positions above 154.35 with targets at 155.05 & 155.35 in extension.

Alternative scenario:

Below 154.35 look for further downside with 154.00 & 153.65 as targets.

Comment:

A support base at 154.35 has formed and has allowed for a temporary stabilisation.

GBPUSD

GBP/USD Intraday: watch 1.3105.

Pivot:

1.3160

Our preference:

Short positions below 1.3160 with targets at 1.3105 & 1.3080 in extension.

Alternative scenario:

Above 1.3160 look for further upside with 1.3185 & 1.3205 as targets.

Comment:

A break below 1.3105 would trigger a drop towards 1.3080.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Z5)‎ Intraday: under pressure.

Pivot:

59.00

Our preference:

Short positions below 59.00 with targets at 58.05 & 57.60 in extension.

Alternative scenario:

Above 59.00 look for further upside with 59.45 & 59.75 as targets.

Comment:

The RSI has broken down its 30 level.

GOLD

Gold Intraday: expect 4265.

Pivot:

4145

Our preference:

Long positions above 4145 with targets at 4220 & 4265 in extension.

Alternative scenario:

Below 4145 look for further downside with 4120 & 4095 as targets.

Comment:

The next resistances are at 4220 and then at 4265.

DOW JONES (CME)

Dow Jones (CME)‎ (Z5)‎ Intraday: bullish bias above 48160.

Pivot:

48160

Our preference:

Long positions above 48160 with targets at 48630 & 49000 in extension.

Alternative scenario:

Below 48160 look for further downside with 47920 & 47670 as targets.

Comment:

The next resistances are at 48630 and then at 49000.

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: caution.

Pivot:

6850

Our preference:

Long positions above 6850 with targets at 6900 & 6925 in extension.

Alternative scenario:

Below 6850 look for further downside with 6830 & 6795 as targets.

Comment:

The immediate trend remains up but the momentum is weak.

NASDAQ 100 (CME)

Nasdaq 100 (CME)‎ (Z5)‎ Intraday: caution.

Pivot:

25460

Our preference:

Long positions above 25460 with targets at 25820 & 26040 in extension.

Alternative scenario:

Below 25460 look for further downside with 25300 & 25200 as targets.

Comment:

The RSI is mixed and calls for caution.