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PRE US 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: 1.445
Most Likely Scenario: Long positions above 1.445 with targets @ 1.45 & 1.4525 in extension.
Alternative scenario: Below 1.445 look for further downside with 1.442 & 1.4375 as targets.
Comment: the pair is rebounding on its support as the RSI is turning up.
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GBP/USD intraday: further advance. |
Pivot: 1.605
Most Likely Scenario: Long positions above 1.605 with targets @ 1.6115 & 1.615 in extension.
Alternative scenario: Below 1.605 look for further downside with 1.6025 & 1.599 as targets.
Comment: the pair has rebounded on its new support and remains on the upside.
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USD/JPY intraday: the upside prevails. |
Pivot: 80.85
Most Likely Scenario: Long positions above 80.85 with targets @ 81.2 & 81.3 in extension.
Alternative scenario: Below 80.85 look for further downside with 80.7 & 80.5 as targets.
Comment: the pair remains on the upside and is challenging its resistance.
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AUD/USD intraday: consolidation in place. |
Pivot: 1.073
Most Likely Scenario: Short positions below 1.073 with targets @ 1.066 & 1.0625 in extension.
Alternative scenario: Above 1.073 look for further upside with 1.0775 & 1.08 as targets.
Comment: the RSI is capped by a declining trend line, the pair has struck against its resistance and should face further weakness.
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GOLD (Spot) intraday: further advance. |
Pivot: 1493.00
Most Likely Scenario: LONG positions above 1493 with 1503 & 1508 in sight.
Alternative scenario: The downside breakout of 1493 will open the way to 1488 & 1478.
Comment: the RSI is bullish and calls for further upside.
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Crude Oil (Aug 11) intraday: further upside. |
Pivot: 94.30
Most Likely Scenario: LONG positions above 94.3 with 95.75 & 97.3 as next targets.
Alternative scenario: The downside penetration of 94.3 will call for 93.45 & 92.7.
Comment: the price is breaking above a declining resistance line.
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