Risk-On Rally: Equities, Gold, & Oil All Climb

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Expect 159.68

Our pivot point is at 158.88.

Our preference:

The upside prevails as long as 158.88 is support, with 159.68 and 159.86 as targets

Alternative scenario:

Below 158.88, expect 158.58 and 158.41.

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 159.14 and 158.70).

EURUSD

EUR/USD intraday : Pivotal moment

Our pivot point is at 1.1533.

Our preference:

The upside prevails as long as 1.1533 is support, with 1.1591 and 1.1605 as targets

Alternative scenario:

Below 1.1533, expect 1.1510 and 1.1496.

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 : Towards 1.3539

Our pivot point is at 1.3458.

Our preference:

The upside prevails as long as 1.3458 is support, with 1.3539 and 1.3558 as targets

Alternative scenario:

Below 1.3458, expect 1.3425 and 1.3406.

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 (1.3512) but above its 50 period moving average (1.3501).

CRUDE OIL

Crude Oil (WTI)‎ (U6)‎ intraday: expect 85.00.

Pivot:80.30

Our preference:

Long positions above 80.30 with targets at 83.60 & 85.00 in extension.

Alternative scenario:

Below 80.30 look for further downside with 78.80 & 77.70 as targets.

Comment:

The RSI is bullish and calls for further upside.

GOLD

Gold intraday : Look for 4,439

Our pivot point is at 4,348.

Our preference:

The upside prevails as long as 4,348 is support, with 4,439 and 4,462 as targets

Alternative scenario:

Below 4,348, expect 4,309 and 4,286.

Comment:

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The price is above its 20 and 50 period moving average (respectively at 4,372 and 4,352).

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: intraday support around 53880.

Pivot:53880

Our preference:

Long positions above 53880 with targets at 54230 & 54440 in extension.

Alternative scenario:

Below 53880 look for further downside with 53490 & 53100 as targets.

Comment:

The RSI is mixed.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: the bias remains bullish.

Pivot:29470

Our preference:

Long positions above 29470 with targets at 30070 & 30400 in extension.

Alternative scenario:

Below 29470 look for further downside with 29240 & 29030 as targets.

Comment:

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

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: the bias remains bullish.

Pivot:7725

Our preference:

Long positions above 7725 with targets at 7820 & 7890 in extension.

Alternative scenario:

Below 7725 look for further downside with 7649 & 7568 as targets.

Comment:

The RSI is mixed with a bullish bias.