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PRE EUROPEAN OPEN, Daily Technical analysis, 05 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: rebound expected. |
Pivot: 1.4450.
Most Likely Scenario: LONG positions @ 1.446 with targets @ 1.4525 & 1.4555.
Alternative scenario: The downside breakout of 1.445 will open the way to 1.442 & 1.4375.
Comment: The pair is pulling back on its support and should post a rebound as the RSI is turning up.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: caution. |
Pivot: 1.6020.
Most Likely Scenario: LONG positions @ 1.603 with targets @ 1.6075 & 1.6115.
Alternative scenario: The downside penetration of 1.602 will call for a slide towards 1.599 & 1.595.
Comment: The pair and its intraday RSI are pulling back on their rising trend lines, caution.
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USD/JPY intraday: the upside prevails. |
Pivot: 80.70.
Most Likely Scenario: LONG positions above 80.7 with targets @ 81.2 & 81.3.
Alternative scenario: The downside penetration of 80.7 will call for 80.5 & 80.4.
Comment: The pair has rebounded on its support and should post further advance as the RSI is well directed.
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AUD/USD intraday: consolidation in place. |
Pivot: 1.073
Most Likely Scenario: Short positions below 1.073 with targets @ 1.0625 & 1.06 in extension.
Alternative scenario: Above 1.073 look for further upside with 1.0775 & 1.08 as targets.
Comment: The pair escaped from an upward sloping channel
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GOLD (Spot) intraday: the downside prevails. |
Pivot: 1499.00
Most Likely Scenario: SHORT positions below 1499 with 1490 & 1478 as next targets.
Alternative scenario: The upside penetration of 1499 will call for a rebound towards 1508 & 1515.
Comment: The index currently faces a challenging resistance area at 1499.
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Crude Oil (Aug 11) intraday: the bias remains bullish. |
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: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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