Trend Check: Who's Still Standing

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: the downside prevails.

Pivot:

159.05

Our preference:

Short positions below 159.05 with targets at 158.60 & 158.40 in extension.

Alternative scenario:

Above 159.05 look for further upside with 159.25 & 159.45 as targets.

Comment:

As long as 159.05 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD Intraday: the bias remains bullish.

Pivot:

1.1775

Our preference:

Long positions above 1.1775 with targets at 1.1810 & 1.1830 in extension.

Alternative scenario:

Below 1.1775 look for further downside with 1.1755 & 1.1735 as targets.

Comment:

The RSI is above its neutrality area at 50%.

GBPUSD

GBP/USD Intraday: the upside prevails.

Pivot:

1.3540

Our preference:

Long positions above 1.3540 with targets at 1.3590 & 1.3620 in extension.

Alternative scenario:

Below 1.3540 look for further downside with 1.3510 & 1.3480 as targets.

Comment:

The RSI calls for a bounce.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: aim @ 86.60.

Pivot:

95.50

Our preference:

Short positions below 95.50 with targets at 89.20 & 86.60 in extension.

Alternative scenario:

Above 95.50 look for further upside with 97.70 & 100.40 as targets.

Comment:

The RSI is bearish and calls for further decline.

GOLD

Gold Intraday: further advance.

Pivot:

4810

Our preference:

Long positions above 4810 with targets at 4860 & 4890 in extension.

Alternative scenario:

Below 4810 look for further downside with 4785 & 4755 as targets.

Comment:

The next resistances are at 4860 and then at 4890.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: watch 26190.

Pivot:

25830

Our preference:

Long positions above 25830 with targets at 26190 & 26400 in extension.

Alternative scenario:

Below 25830 look for further downside with 25700 & 25570 as targets.

Comment:

The next resistances are at 26190 and then at 26400.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: target 7035.

Pivot:

6978

Our preference:

Long positions above 6978 with targets at 7020 & 7035 in extension.

Alternative scenario:

Below 6978 look for further downside with 6954 & 6930 as targets.

Comment:

The next resistances are at 7020 and then at 7035.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: target 49090.

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.