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PRE US OPEN, Daily Technical Analysis, 08 June 2011 |
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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 bias remains bullish. |
Pivot: 1.462
Most Likely Scenario: Long positions above 1.462 with targets @ 1.47 & 1.4755 in extension.
Alternative scenario: Below 1.462 look for further downside with 1.459 & 1.4555 as targets.
Comment: the pair has struck against its resistance and is pulling back on its support ahead of a rebound. |
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GBP/USD intraday: under pressure. |
Pivot: 1.6425
Most Likely Scenario: Short positions below 1.6425 with targets @ 1.635 & 1.631 in extension.
Alternative scenario: Above 1.6425 look for further upside with 1.646 & 1.65 as targets.
Comment: the RSI has broken below a rising trend line, the pair is under pressure and is challenging its support. |
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USD/JPY intraday: the downside prevails. |
Pivot: 80.2
Most Likely Scenario: Short positions below 80.2 with targets @ 79.75 & 79.6 in extension.
Alternative scenario: Above 80.2 look for further upside with 80.4 & 80.7 as targets.
Comment: the pair has struck against its MT bearish channel upper boundary and remains under pressure. |
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AUD/USD intraday: the downside prevails. |
Pivot: 1.069
Most Likely Scenario: Short positions below 1.069 with targets @ 1.0595 & 1.0565 in extension.
Alternative scenario: Above 1.069 look for further upside with 1.074 & 1.0775 as targets.
Comment: the pair has struck against its resistance and should face further weakness. |
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GOLD (Spot) intraday: rebound expected. |
Pivot: 1533.00
Most Likely Scenario: LONG positions above 1533 with 1544 & 1553 in sight.
Alternative scenario: The downside penetration of 1533 will call for 1520 & 1509.
Comment: intraday support around 1535 |
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Crude Oil (Jul 11) intraday: key ST resistance at 99.9 |
Pivot: 99.90
Most Likely Scenario: SHORT positions below 99.9 with 97.85 & 96.9 as next targets.
Alternative scenario: The upside penetration of 99.9 will call for 100.76 & 101.8.
Comment: the RSI is mixed and calls for caution. |
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