Midweek Market Pulse: The Plot Thickens

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the upside prevails.

Pivot:156.20

Our preference:

Long positions above 156.20 with targets at 157.20 & 157.55 in extension.

Alternative scenario:

Below 156.20 look for further downside with 155.85 & 155.45 as targets.

Comment:

The break above 156.20 is a positive signal that has opened a path to 157.20.

EURUSD

EUR/USD Intraday: watch 1.1615.

Pivot:1.1640

Our preference:

Short positions below 1.1640 with targets at 1.1615 & 1.1600 in extension.

Alternative scenario:

Above 1.1640 look for further upside with 1.1655 & 1.1670 as targets.

Comment:

A break below 1.1615 would trigger a drop towards 1.1600.

GBPUSD

GBP/USD Intraday: 1.3280 expected.

Pivot:1.3330

Our preference:

Short positions below 1.3330 with targets at 1.3280 & 1.3255 in extension.

Alternative scenario:

Above 1.3330 look for further upside with 1.3355 & 1.3380 as targets.

Comment:

A break below 1.3280 would trigger a drop towards 1.3255.

GOLD

Gold Intraday: bounce.

Pivot:4191

Our preference:

Long positions above 4191 with targets at 4231 & 4246 in extension.

Alternative scenario:

Below 4191 look for further downside with 4174 & 4162 as targets.

Comment:

The RSI is above its neutrality area at 50%.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (F6)‎ Intraday: aim @ 58.00.

Pivot:58.60

Our preference:

Short positions below 58.60 with targets at 58.00 & 57.70 in extension.

Alternative scenario:

Above 58.60 look for further upside with 58.90 & 59.15 as targets.

Comment:

The break below 58.60 is a negative signal that has opened a path to 58.00.

NASDAQ 100 (CME)

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

Pivot:25650

Our preference:

Long positions above 25650 with targets at 25730 & 25770 in extension.

Alternative scenario:

Below 25650 look for further downside with 25605 & 25560 as targets.

Comment:

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

S&P 500 (CME)

S&P 500 (CME)‎ (Z5)‎ Intraday: the downside prevails.

Pivot:6863

Our preference:

Short positions below 6863 with targets at 6835 & 6825 in extension.

Alternative scenario:

Above 6863 look for further upside with 6870 & 6881 as targets.

Comment:

A break below 6835 would trigger a drop towards 6825.

DOW JONES (CME)

Dow Jones (CME)‎ (Z5)‎ Intraday: under pressure.

Pivot:47740

Our preference:

Short positions below 47740 with targets at 47530 & 47430 in extension.

Alternative scenario:

Above 47740 look for further upside with 47850 & 47970 as targets.

Comment:

The RSI is below its neutrality area at 50%