Midweek Reality: Momentum in Question

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: choppy.

Pivot:

159.15

Our preference:

Short positions below 159.15 with targets at 158.60 & 158.45 in extension.

Alternative scenario:

Above 159.15 look for further upside with 159.30 & 159.45 as targets.

Comment:

As long as 159.15 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD Intraday: further advance.

Pivot:

1.1785

Our preference:

Long positions above 1.1785 with targets at 1.1820 & 1.1835 in extension.

Alternative scenario:

Below 1.1785 look for further downside with 1.1770 & 1.1755 as targets.

Comment:

The RSI calls for a bounce.

GBPUSD

GBP/USD Intraday: the bias remains bullish.

Pivot:

1.3540

Our preference:

Long positions above 1.3540 with targets at 1.3590 & 1.3610 in extension.

Alternative scenario:

Below 1.3540 look for further downside with 1.3520 & 1.3500 as targets.

Comment:

The next resistances are at 1.3590 and then at 1.3610.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: choppy.

Pivot:

92.50

Our preference:

Short positions below 92.50 with targets at 90.00 & 88.70 in extension.

Alternative scenario:

Above 92.50 look for further upside with 94.00 & 95.50 as targets.

Comment:

As long as 92.50 is resistance, look for choppy price action with a bearish bias.

GOLD

Gold Intraday: rebound expected.

Pivot:

4785

Our preference:

Long positions above 4785 with targets at 4850 & 4870 in extension.

Alternative scenario:

Below 4785 look for further downside with 4755 & 4735 as targets.

Comment:

The RSI calls for a bounce.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: towards 26710.

Pivot:

26130

Our preference:

Long positions above 26130 with targets at 26550 & 26710 in extension.

Alternative scenario:

Below 26130 look for further downside with 25940 & 25830 as targets.

Comment:

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

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: the upside prevails.

Pivot:

7015

Our preference:

Long positions above 7015 with targets at 7115 & 7150 in extension.

Alternative scenario:

Below 7015 look for further downside with 6988 & 6954 as targets.

Comment:

The next resistances are at 7115 and then at 7150.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: bounce.

Pivot:

48520

Our preference:

Long positions above 48520 with targets at 48980 & 49090 in extension.

Alternative scenario:

Below 48520 look for further downside with 48380 & 48190 as targets.

Comment:

The next resistances are at 48980 and then at 49090.