PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 04 OCTOBER 2011 EUR/USD GBP/USD USD/JPY AUD/USD GOLD CRUDE OIL Please note that due to market volatility, some of the below sight prices may have already been reached and scenarios played out. EUR/USD INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 1.3300.
Most Likely Scenario: SHORT positions @ 1.329 with 1.315 & 1.31 in sight.
Alternative scenario: The upside penetration of 1.33 will call for a rebound towards 1.3375 & 1.3465.
Comment: The RSI is capped by a declining trend line, the pair has broken below its previous low and remains under pressure.
Trend: ST Consolidation; MT BearishNEXT » GBP/USD INTRADAY: UNDER PRESSURE. Pivot: 1.5525.
Most Likely Scenario: SHORT positions @ 1.5515 with targets @ 1.5385 & 1.533.
Alternative scenario: The upside penetration of 1.5525 will call for a rebound towards 1.5575 & 1.562.
Comment: The pair remains under pressure and is approaching its support as the RSI is capped by a declining trend line.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 76.90.
Most Likely Scenario: SHORT positions below 76.9 with targets @ 76.5 & 76.3.
Alternative scenario: The upside breakout of 76.9 will open the way to 77.1 & 77.3.
Comment: The pair remains under pressure, the RSI is mixed to bearish.« PREVIOUS | NEXT » AUD/USD INTRADAY: CAPPED BY A NEGATIVE TREND LINE. Pivot: 0.96
Most Likely Scenario: Short positions below 0.96 with targets @ 0.9415 & 0.933 in extension.
Alternative scenario: Above 0.96 look for further upside with 0.97 & 0.981 as targets.
Comment: The RSI is capped by a declining trend line.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: THE BIAS REMAINS BULLISH. Pivot: 1635.00
Most Likely Scenario: LONG positions above 1635 with targets @ 1690 & 1720.
Alternative scenario: The downside breakout of 1635 will open the way to 1590 & 1555.
Comment: The RSI is supported by a rising trend line.« PREVIOUS | NEXT » CRUDE OIL (NOV 11) INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 78.65
Most Likely Scenario: SHORT positions below 78.65 with targets @ 75 & 73.7.
Alternative scenario: The upside penetration of 78.65 will call for a rebound towards 81.5 & 84.
Comment: The price stands within a bearish channel.