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PRE EUROPEAN OPEN, Daily Technical analysis, 24 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: rebound. |
Pivot: 1.4190.
Most Likely Scenario: LONG positions above 1.419 with 1.43 & 1.4345 in sight.
Alternative scenario: The downside penetration of 1.419 will call for 1.4125 & 1.407.
Comment: The pair has broken above its declining trend line and is approaching its resistance, the RSI is well directed.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: rebound expected. |
Pivot: 1.5975.
Most Likely Scenario: LONG positions above 1.5975 with 1.6075 & 1.611 in sight.
Alternative scenario: The downside penetration of 1.5975 will call for a slide towards 1.5935 & 1.5885.
Comment: The pair has broken above its bearish channel upper boundary and should post further advance.
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USD/JPY intraday: the upside prevails. |
Pivot: 80.35.
Most Likely Scenario: LONG positions above 80.35 with 80.65 & 80.8 as next targets.
Alternative scenario: The downside breakout of 80.35 will open the way to 80.15 & 80.
Comment: The pair stands above its new support and remains on the upside.
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AUD/USD intraday: rebound. |
Pivot: 1.0455
Most Likely Scenario: Long positions above 1.0455 with targets @ 1.0567 & 1.0615 in extension.
Alternative scenario: Below 1.0455 look for further downside with 1.04 & 1.0335 as targets.
Comment: The pair has broken above a declining trend line and is challenging its resistance.
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GOLD (Spot) intraday: the downside prevails. |
Pivot: 1535.15
Most Likely Scenario: SHORT positions below 1535.15 with targets @ 1511 & 1500.
Alternative scenario: The upside penetration of 1535.15 will call for a rebound towards 1541 & 1547.
Comment: Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
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Crude Oil (Aug 11) intraday: key ST resistance at 93.35 |
Pivot: 93.35
Most Likely Scenario: SHORT positions below 93.35 with targets @ 90 & 88.7.
Alternative scenario: The upside breakout of 93.35 will open the way to 94.8 & 95.7.
Comment: The contract currently faces a challenging resistance area around 93.
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