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PRE US OPEN, Daily Technical analysis, 06 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: under pressure. |
Pivot: 1.44
Most Likely Scenario: Short positions below 1.44 with targets @ 1.431 & 1.4275 in extension.
Alternative scenario: Above 1.44 look for further upside with 1.445 & 1.447 as targets.
Comment: The pair has broken below its support and should face further down move as the RSI is badly directed.
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GBP/USD intraday: under pressure. |
Pivot: 1.6075
Most Likely Scenario: Short positions below 1.6075 with targets @ 1.599 & 1.5975 in extension.
Alternative scenario: Above 1.6075 look for further upside with 1.61 & 1.6125 as targets.
Comment: The pair is under pressure and is approaching its next support.
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USD/JPY intraday: rebound. |
Pivot: 80.8
Most Likely Scenario: Long positions above 80.8 with targets @ 81 & 81.2 in extension.
Alternative scenario: Below 80.8 look for further downside with 80.7 & 80.5 as targets.
Comment: The pair has rebounded on its rising trend line as the RSI is turning up.
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AUD/USD intraday: key ST resistance at 1.075. |
Pivot: 1.075
Most Likely Scenario: Short positions below 1.075 with targets @ 1.066 & 1.0625 in extension.
Alternative scenario: Above 1.075 look for further upside with 1.0775 & 1.08 as targets.
Comment: The pair stands below its resistance and should face further weakness.
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GOLD (Spot) intraday: the bias remains bullish. |
Pivot: 1503.00
Most Likely Scenario: LONG positions above 1503 with targets @ 1518 & 1527.
Alternative scenario: The downside penetration of 1503 will call for a slide towards 1496 & 1488.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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Crude Oil (Aug 11) intraday: further advance. |
Pivot: 95.65
Most Likely Scenario: LONG positions above 95.65 with 98.6 & 99.7 in sight.
Alternative scenario: The downside penetration of 95.65 will call for a slide towards 94.35 & 93.45.
Comment: The RSI is mixed and calls for caution.
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