USDJPY Plunges; EUR, GBP, Oil Rally; Gold & Equities Slide

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Look for 153.23

Our pivot point is at 155.12.

Our preference:

The downside prevails as long as 155.12 is resistance, with 153.23 and 152.82 as targets

Alternative scenario:

Above 155.12, look for 155.82 and 156.24.

Comment:

The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is above its signal line and negative. The price stands below its 20 and 50 period moving average (respectively at 154.31 and 154.99). The USD/JPY is trading below its lower Bollinger band (standing at 154.08).

EURUSD

EUR/USD intraday : Target level as a potential turning point

Our pivot point is at 1.1586.

Our preference:

The upside prevails as long as 1.1586 is support, with 1.1641 and 1.1655 as targets

Alternative scenario:

Below 1.1586, expect 1.1563 and 1.1550.

Comment:

As prices near our first target, a throwback could occur, though a clean break above could fuel further gains.

GBPUSD

GBP/USD intraday : Watch 1.3572

Our pivot point is at 1.3498.

Our preference:

The upside prevails as long as 1.3498 is support, with 1.3572 and 1.3587 as targets

Alternative scenario:

Below 1.3498, expect 1.3472 and 1.3457.

Comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price is above its 20 and 50 period moving average (respectively at 1.3542 and 1.3531).

CRUDE OIL

Crude Oil (WTI)‎ (V6)‎ intraday: towards 95.30.

Pivot:90.85

Our preference:

Long positions above 90.85 with targets at 94.60 & 95.30 in extension.

Alternative scenario:

Below 90.85 look for further downside with 88.70 & 87.55 as targets.

Comment:

The RSI is mixed with a bullish bias.

GOLD

Gold intraday : Target 4,363

Our pivot point is at 4,488.

Our preference:

The downside prevails as long as 4,488 is resistance, with 4,363 and 4,333 as targets

Alternative scenario:

Above 4,488, look for 4,538 and 4,568.

Comment:

The setup is complete, and the next move is pending.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: towards 7661.

Pivot:7750

Our preference:

Short positions below 7750 with targets at 7690 & 7661 in extension.

Alternative scenario:

Above 7750 look for further upside with 7766 & 7800 as targets.

Comment:

A break below 7690 would trigger a drop towards 7661.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: expect 29370.

Pivot:29700

Our preference:

Short positions below 29700 with targets at 29468 & 29370 in extension.

Alternative scenario:

Above 29700 look for further upside with 29810 & 29920 as targets.

Comment:

The RSI is bearish and calls for further decline.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: towards 52900.

Pivot:53330

Our preference:

Short positions below 53330 with targets at 52900 & 52700 in extension.

Alternative scenario:

Above 53330 look for further upside with 53500 & 53670 as targets.

Comment:

The RSI is bearish and calls for further decline.