Diverging Markets: EUR/GBP/Oil Higher; USDJPY/Gold/Indices Lower

MARKET ANALYSIS

USDJPY

USD/JPY intraday : On the edge of pivot level

Our pivot point is at 153.18.

Our preference:

Rebound expected

Alternative scenario:

Below 153.18, expect 152.48 and 152.07.

Comment:

The asset's price is approaching our pivot level at a critical juncture, leaving little room for the asset to reverse its current trajectory.

EURUSD

EUR/USD intraday : Key resistance level approaches

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:

Prices are now within reach of our first target, a level that could invite the price to consolidate. On the flip side, a clear break above it may well sustain the upward move.

GBPUSD

GBP/USD intraday : Look for 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 price is below its 20 period moving average (1.3542) but above its 50 period moving average (1.3540).

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (V6)‎ intraday: the upside prevails.

Pivot:

91.80

Our preference:

Long positions above 91.80 with targets at 96.00 & 97.90 in extension.

Alternative scenario:

Below 91.80 look for further downside with 90.90 & 89.75 as targets.

Comment:

The RSI shows upside momentum.

GOLD

Gold intraday : the RSI is oversold

Our pivot point is at 4,398.

Our preference:

The downside prevails as long as 4,398 is resistance, with 4,291 and 4,260 as targets

Alternative scenario:

Above 4,398, look for 4,450 and 4,480.

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 below its signal line and negative. The configuration is negative. The price stands below its 20 and 50 period moving average (respectively at 4,377 and 4,399).

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: towards 52550.

Pivot:

53150

Our preference:

Short positions below 53150 with targets at 52720 & 52550 in extension.

Alternative scenario:

Above 53150 look for further upside with 53330 & 53500 as targets.

Comment:

The RSI calls for a new downleg.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: choppy.

Pivot:

29770

Our preference:

Short positions below 29770 with targets at 29420 & 29260 in extension.

Alternative scenario:

Above 29770 look for further upside with 29920 & 30050 as targets.

Comment:

As long as the resistance at 29770 is not surpassed, the risk of the break below 29420 remains high.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: the downside prevails.

Pivot:

7735

Our preference:

Short positions below 7735 with targets at 7661 & 7643 in extension.

Alternative scenario:

Above 7735 look for further upside with 7766 & 7800 as targets.

Comment:

As long as 7735 is resistance, look for choppy price action with a bearish bias.