Midweek Market Pulse: Momentum Check

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the bias remains bullish.

Pivot:156.40

Our preference:

Long positions above 156.40 with targets at 156.80 & 157.00 in extension.

Alternative scenario:

Below 156.40 look for further downside with 156.20 & 156.00 as targets.

Comment:

The RSI calls for a bounce.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:1.1710

Our preference:

Short positions below 1.1710 with targets at 1.1675 & 1.1660 in extension.

Alternative scenario:

Above 1.1710 look for further upside with 1.1725 & 1.1740 as targets.

Comment:

The RSI is bearish and calls for further downside.

GBPUSD

GBP/USD Intraday: watch 1.3450.

Pivot:1.3530

Our preference:

Short positions below 1.3530 with targets at 1.3480 & 1.3450 in extension.

Alternative scenario:

Above 1.3530 look for further upside with 1.3560 & 1.3590 as targets.

Comment:

The RSI advocates for further decline.

GOLD

Gold Intraday: the upside prevails.

Pivot:4454

Our preference:

Long positions above 4454 with targets at 4513 & 4544 in extension.

Alternative scenario:

Below 4454 look for further downside with 4426 & 4396 as targets.

Comment:

The next resistances are at 4513 and then at 4544.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (G6)‎ Intraday: watch 56.30.

Pivot:57.75

Our preference:

Short positions below 57.75 with targets at 56.30 & 56.00 in extension.

Alternative scenario:

Above 57.75 look for further upside with 58.30 & 58.85 as targets.

Comment:

The RSI has broken down its 30 level.

DOW JONES (CME)

Dow Jones (CME)‎ (H6)‎ Intraday: the bias remains bullish.

Pivot:49450

Our preference:

Long positions above 49450 with targets at 50000 & 50200 in extension.

Alternative scenario:

Below 49450 look for further downside with 49100 & 48900 as targets.

Comment:

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

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: further advance.

Pivot:6970

Our preference:

Long positions above 6970 with targets at 6995 & 7015 in extension.

Alternative scenario:

Below 6970 look for further downside with 6958 & 6938 as targets.

Comment:

The RSI shows upside momentum.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: 26000 expected.

Pivot:25690

Our preference:

Long positions above 25690 with targets at 25920 & 26000 in extension.

Alternative scenario:

Below 25690 look for further downside with 25520 & 25440 as targets.

Comment:

The next resistances are at 25920 and then at 26000.