USDJPY & Gold Aim Higher; EUR, GBP, Oil, Stocks Turn Bearish

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Towards 159.77

Our pivot point is at 159.01.

Our preference:

The upside prevails as long as 159.01 is support, with 159.77 and 159.97 as targets

Alternative scenario:

Below 159.01, expect 158.68 and 158.49.

Comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price is below its 20 period moving average (159.41) but above its 50 period moving average (159.23).

EURUSD

EUR/USD intraday : Pivotal moment

Our pivot point is at 1.1590.

Our preference:

The downside prevails as long as 1.1590 is resistance, with 1.1548 and 1.1536 as targets

Alternative scenario:

Above 1.1590, look for 1.1610 and 1.1622.

Comment:

The asset price is approaching our pivot level, which represents one of the last opportunities for the asset to reverse its recent trend.

GBPUSD

GBP/USD intraday : On the edge of pivot level

Our pivot point is at 1.3565.

Our preference:

The downside prevails as long as 1.3565 is resistance, with 1.3497 and 1.3478 as targets

Alternative scenario:

Above 1.3565, look for 1.3597 and 1.3617.

Comment:

The asset is now hovering dangerously close to our pivot, representing a pivotal moment that could be among the last opportunities for a trend reversal.

CRUDE OIL

Crude Oil (WTI)‎ (V6)‎ intraday: bullish bias above 82.90.

Pivot:

82.90

Our preference:

Long positions above 82.90 with targets at 84.70 & 85.85 in extension.

Alternative scenario:

Below 82.90 look for further downside with 82.25 & 81.30 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold intraday : Key resistance level approaches

Our pivot point is at 4,360.

Our preference:

The upside prevails as long as 4,360 is support, with 4,444 and 4,466 as targets

Alternative scenario:

Below 4,360, expect 4,324 and 4,303.

Comment:

Prices are now close to our first target. Reaching this level could trigger a throwback. Conversely, a clear break above it could help drive the asset price higher.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: 53340 in sight.

Pivot:

53720

Our preference:

Short positions below 53720 with targets at 53340 & 53080 in extension.

Alternative scenario:

Above 53720 look for further upside with 54000 & 54140 as targets.

Comment:

The RSI is bearish and calls for further downside.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: intraday support around 30030.

Pivot:

30030

Our preference:

Long positions above 30030 with targets at 30340 & 30550 in extension.

Alternative scenario:

Below 30030 look for further downside with 29920 & 29770 as targets.

Comment:

A support base at 30030 has formed and has allowed for a temporary stabilisation.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: key resistance at 7790.

Pivot:

7790

Our preference:

Short positions below 7790 with targets at 7756 & 7738 in extension.

Alternative scenario:

Above 7790 look for further upside with 7809 & 7821 as targets.

Comment:

Technically the RSI is below its neutrality area at 50.