Trend Watch: Early February Insights

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the upside prevails.

Pivot:154.60

Our preference:

Long positions above 154.60 with targets at 155.70 & 156.50 in extension.

Alternative scenario:

Below 154.60 look for further downside with 154.15 & 153.70 as targets.

Comment:

The RSI is bullish and calls for further advance.

EURUSD

EUR/USD Intraday: under pressure.

Pivot:1.1895

Our preference:

Short positions below 1.1895 with targets at 1.1800 & 1.1770 in extension.

Alternative scenario:

Above 1.1895 look for further upside with 1.1925 & 1.1955 as targets.

Comment:

The RSI has broken down its 30 level.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:1.3725

Our preference:

Short positions below 1.3725 with targets at 1.3640 & 1.3600 in extension.

Alternative scenario:

Above 1.3725 look for further upside with 1.3755 & 1.3785 as targets.

Comment:

The RSI calls for a new downleg.

GOLD

Gold Intraday: look for 4540.

Pivot:4960

Our preference:

Short positions below 4960 with targets at 4540 & 4410 in extension.

Alternative scenario:

Above 4960 look for further upside with 5110 & 5240 as targets.

Comment:

The RSI shows downside momentum.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (H6)‎ Intraday: under pressure.

Pivot:64.75

Our preference:

Short positions below 64.75 with targets at 62.60 & 61.70 in extension.

Alternative scenario:

Above 64.75 look for further upside with 65.90 & 66.50 as targets.

Comment:

The RSI shows downside momentum.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: towards 25030.

Pivot:25770

Our preference:

Short positions below 25770 with targets at 25260 & 25030 in extension.

Alternative scenario:

Above 25770 look for further upside with 25900 & 26020 as targets.

Comment:

The RSI has broken down its 30 level.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: the downside prevails.

Pivot:6975

Our preference:

Short positions below 6975 with targets at 6880 & 6855 in extension.

Alternative scenario:

Above 6975 look for further upside with 6998 & 7030 as targets.

Comment:

The RSI is bearish and calls for further downside.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: target 48530.

Pivot:49050

Our preference:

Short positions below 49050 with targets at 48530 & 48320 in extension.

Alternative scenario:

Above 49050 look for further upside with 49240 & 49410 as targets.

Comment:

The RSI has just struck against its neutrality area at 50% and is reversing down.