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PRE EUROPEAN OPEN, Daily Technical analysis, 04 July 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 upside prevails. |
Pivot: 1.4475.
Most Likely Scenario: LONG positions @ 1.4485 with 1.458 & 1.46 in sight.
Alternative scenario: The downside penetration of 1.4475 will call for 1.4435 & 1.4375.
Comment: The pair should pull back on its new support ahead of further up move.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: the upside prevails. |
Pivot: 1.6025.
Most Likely Scenario: LONG positions @ 1.6035 with 1.61 & 1.6125 in sight.
Alternative scenario: The downside penetration of 1.6025 will call for 1.599 & 1.595.
Comment: The pair is on the upside and is challenging its resistance.
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USD/JPY intraday: the upside prevails. |
Pivot: 80.55.
Most Likely Scenario: LONG positions @ 80.6 with 80.95 & 81.2 in sight.
Alternative scenario: The downside penetration of 80.55 will call for a slide towards 80.4 & 80.25.
Comment: The pair is challenging its resistance and should face a pull back ahead of further advance.
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AUD/USD intraday: the upside prevails. |
Pivot: 1.0675
Most Likely Scenario: Long positions above 1.0675 with targets @ 1.08 & 1.0845 in extension.
Alternative scenario: Below 1.0675 look for further downside with 1.065 & 1.0625 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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GOLD (Spot) intraday: the downside prevails. |
Pivot: 1497.50
Most Likely Scenario: SHORT positions below 1497.5 with targets @ 1478 & 1470.
Alternative scenario: The upside penetration of 1497.5 will call for 1508 & 1515.
Comment: The upward potential is likely to be limited by the resistance at 1497.5.
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Crude Oil (Aug 11) intraday: bullish bias above 93.45 |
Pivot: 93.45
Most Likely Scenario: LONG positions above 93.45 with 95.75 & 97.3 as next targets.
Alternative scenario: The downside breakout of 93.45 will open the way to 92.7 & 92.
Comment: The price remains on the upside and technical indicators do not post any reversal sign
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