Broad Risk-On: FX (Excl. GBP), Commodities & Equities Rally

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Look for 159.43

Our pivot point is at 158.67.

Our preference:

The upside prevails as long as 158.67 is support, with 159.43 and 159.62 as targets

Alternative scenario:

Below 158.67, expect 158.34 and 158.15.

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 158.96 and 158.89).

EURUSD

EUR/USD intraday : Pivot threshold in sight

Our pivot point is at 1.1668.

Our preference:

The upside prevails as long as 1.1668 is support, with 1.1711 and 1.1723 as targets

Alternative scenario:

Below 1.1668, expect 1.1649 and 1.1638.

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.

GBPUSD

GBP/USD intraday : Trend at a crossroads

Our pivot point is at 1.3657.

Our preference:

The downside prevails as long as 1.3657 is resistance, with 1.3580 and 1.3561 as targets

Alternative scenario:

Above 1.3657, look for 1.3690 and 1.3709.

Comment:

Price is almost testing our pivot level; this may be the last chance for a reversal.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (V6)‎ intraday: bullish bias above 85.50.

Pivot:

85.50

Our preference:

Long positions above 85.50 with targets at 87.65 & 88.40 in extension.

Alternative scenario:

Below 85.50 look for further downside with 83.90 & 83.15 as targets.

Comment:

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

GOLD

Gold intraday : Expect 4,660

Our pivot point is at 4,571.

Our preference:

The upside prevails as long as 4,571 is support, with 4,660 and 4,682 as targets

Alternative scenario:

Below 4,571, expect 4,533 and 4,511.

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 4,609 and 4,574).

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: the upside prevails.

Pivot:

53060

Our preference:

Long positions above 53060 with targets at 53560 & 53740 in extension.

Alternative scenario:

Below 53060 look for further downside with 52810 & 52605 as targets.

Comment:

The RSI shows upside momentum.

NASDAQ 100

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

Pivot:

29200

Our preference:

Long positions above 29200 with targets at 29605 & 29760 in extension.

Alternative scenario:

Below 29200 look for further downside with 29070 & 28960 as targets.

Comment:

The RSI calls for a new upleg.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: bounce.

Pivot:

7656

Our preference:

Long positions above 7656 with targets at 7718 & 7739 in extension.

Alternative scenario:

Below 7656 look for further downside with 7630 & 7615 as targets.

Comment:

The RSI is mixed to bullish.