Closing February with Strategic Insight

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: intraday support around 155.70.

Pivot:155.70

Our preference:

Long positions above 155.70 with targets at 156.40 & 156.80 in extension.

Alternative scenario:

Below 155.70 look for further downside with 155.35 & 155.00 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

EURUSD

EUR/USD Intraday: choppy.

Pivot:1.1815

Our preference:

Short positions below 1.1815 with targets at 1.1785 & 1.1770 in extension.

Alternative scenario:

Above 1.1815 look for further upside with 1.1830 & 1.1845 as targets.

Comment:

As long as 1.1815 is resistance, look for choppy price action with a bearish bias.

GBPUSD

GBP/USD Intraday: the downside prevails.

Pivot:1.3520

Our preference:

Short positions below 1.3520 with targets at 1.3445 & 1.3420 in extension.

Alternative scenario:

Above 1.3520 look for further upside with 1.3550 & 1.3575 as targets.

Comment:

The RSI advocates for further decline.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (J6)‎ Intraday: towards 66.60.

Pivot:64.80

Our preference:

Long positions above 64.80 with targets at 66.00 & 66.60 in extension.

Alternative scenario:

Below 64.80 look for further downside with 64.05 & 63.60 as targets.

Comment:

The next resistances are at 66.00 and then at 66.60.

GOLD

Gold Intraday: bounce.

Pivot:5160

Our preference:

Long positions above 5160 with targets at 5215 & 5235 in extension.

Alternative scenario:

Below 5160 look for further downside with 5130 & 5095 as targets.

Comment:

The RSI is mixed to bullish.

DOW JONES

Dow Jones (CME)‎ (H6)‎ Intraday: aim @ 48810.

Pivot:49550

Our preference:

Short positions below 49550 with targets at 49050 & 48810 in extension.

Alternative scenario:

Above 49550 look for further upside with 49720 & 49900 as targets.

Comment:

The RSI calls for a drop.

NASDAQ 100

Nasdaq 100 (CME)‎ (H6)‎ Intraday: look for 24860.

Pivot:25110

Our preference:

Short positions below 25110 with targets at 24860 & 24690 in extension.

Alternative scenario:

Above 25110 look for further upside with 25270 & 25400 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 25110.

S&P 500

S&P 500 (CME)‎ (H6)‎ Intraday: towards 6835.

Pivot:6925

Our preference:

Short positions below 6925 with targets at 6870 & 6835 in extension.

Alternative scenario:

Above 6925 look for further upside with 6945 & 6970 as targets.

Comment:

A break below 6870 would trigger a drop towards 6835.