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PRE US OPEN, Daily Technical Analysis, 20 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: supported by a rising trend line. |
Pivot: 1.418
Most Likely Scenario: Long positions above 1.418 with targets @ 1.43 & 1.4345 in extension.
Alternative scenario: Below 1.418 look for further downside with 1.413 & 1.4065 as targets.
Comment: the pair is supported by a rising trend line, the RSI is turning up. |
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GBP/USD intraday: rebound. |
Pivot: 1.611
Most Likely Scenario: Long positions above 1.611 with targets @ 1.62 & 1.6225 in extension.
Alternative scenario: Below 1.611 look for further downside with 1.6075 & 1.602 as targets.
Comment: the RSI is supported by a rising trend line, the pair is posting a rebound and is approaching its next resistance. |
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USD/JPY intraday: under pressure. |
Pivot: 80.5
Most Likely Scenario: Short positions below 80.5 with targets @ 80 & 79.9 in extension.
Alternative scenario: Above 80.5 look for further upside with 80.7 & 80.9 as targets.
Comment: the pair is posting a rebound but stands below its resistance. |
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AUD/USD intraday: under pressure. |
Pivot: 1.056
Most Likely Scenario: Short positions below 1.056 with targets @ 1.05 & 1.0475 in extension.
Alternative scenario: Above 1.056 look for further upside with 1.059 & 1.063 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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GOLD (Spot) intraday: further upside. |
Pivot: 1528.00
Most Likely Scenario: LONG positions above 1528 with 1537 & 1550 as next targets.
Alternative scenario: The downside penetration of 1528 will call for 1522.5 & 1514.
Comment: the break above 1532.5 (50% retracement level) is a positive signal that has opened a path to 1545. |
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Crude Oil (Aug 11) intraday: the downside prevails. |
Pivot: 93.15
Most Likely Scenario: SHORT positions below 93.15 with 91.4 & 90.25 as next targets.
Alternative scenario: The upside penetration of 93.15 will call for a rebound towards 94.6 & 97.22.
Comment: the RSI is challenging its bearish trend line. Caution |
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