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PRE EUROPEAN OPEN, Daily Technical analysis, 16 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 downside prevails. |
Pivot: 1.4215.
Most Likely Scenario: SHORT positions @ 1.4205 with 1.4065 & 1.4025 in sight.
Alternative scenario: The upside penetration of 1.4215 will call for a rebound towards 1.4265 & 1.4325.
Comment: The pair stands below its new resistance and remains under pressure, the RSI is mixed to bearish.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: under pressure. |
Pivot: 1.6225.
Most Likely Scenario: SHORT positions @ 1.6215 with 1.615 & 1.6105 in sight.
Alternative scenario: The upside breakout of 1.6225 will open the way to 1.6285 & 1.6325.
Comment: The pair remains under pressure and stands below its new resistance.
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USD/JPY intraday: the upside prevails. |
Pivot: 80.60.
Most Likely Scenario: LONG positions @ 80.65 with 81.1 & 81.35 as next targets.
Alternative scenario: The downside penetration of 80.6 will call for a slide towards 80.35 & 80.25.
Comment: The RSI is supported by a rising trend line, the pair is on the upside and is challenging its resistance.
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AUD/USD intraday: the downside prevails. |
Pivot: 1.0595
Most Likely Scenario: Short positions below 1.0595 with targets @ 1.0525 & 1.049 in extension.
Alternative scenario: Above 1.0595 look for further upside with 1.0625 & 1.065 as targets.
Comment: The RSI is mixed with a bearish bias.
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GOLD (Spot) intraday: the downside prevails. |
Pivot: 1535.00
Most Likely Scenario: SHORT positions below 1535 with targets @ 1520 & 1514.
Alternative scenario: The upside penetration of 1535 will call for a rebound towards 1545 & 1550.
Comment: The price has struck against the 50% retracement level at 1532.4.
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Crude Oil (Aug 11) intraday: under pressure. |
Pivot: 97.75
Most Likely Scenario: SHORT positions below 97.75 with targets @ 94.15 & 91.75.
Alternative scenario: The upside penetration of 97.75 will call for 100.1 & 101.
Comment: The contract has broken below a key support at 97. The RSI is bearish and calls for further decline.
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