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PRE US OPEN, Daily Technical analysis, 08 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: turning down. |
Pivot: 1.433
Most Likely Scenario: Short positions below 1.433 with targets @ 1.4245 & 1.42 in extension.
Alternative scenario: Above 1.433 look for further upside with 1.4375 & 1.44 as targets.
Comment: The RSI has broken below a rising trend line, the pair is on the downside and should reach its previous low.
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GBP/USD intraday: capped by a negative trend line. |
Pivot: 1.6
Most Likely Scenario: Short positions below 1.6 with targets @ 1.591 & 1.587 in extension.
Alternative scenario: Above 1.6 look for further upside with 1.6025 & 1.605 as targets.
Comment: The pair and its intraday RSI remain capped by declining trend lines.
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USD/JPY intraday: the bias remains bullish. |
Pivot: 81.15
Most Likely Scenario: Long positions above 81.15 with targets @ 81.45 & 81.6 in extension.
Alternative scenario: Below 81.15 look for further downside with 81 & 80.8 as targets.
Comment: The pair has rebounded on its support and remains on the upside.
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AUD/USD intraday: the bias remains bullish. |
Pivot: 1.074
Most Likely Scenario: Long positions above 1.074 with targets @ 1.079 & 1.083 in extension.
Alternative scenario: Below 1.074 look for further downside with 1.071 & 1.065 as targets.
Comment: The pair remains on the upside and is challenging its resistance.
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GOLD (Spot) intraday: caution |
Pivot: 1522.00
Most Likely Scenario: LONG positions above 1522 with 1534 & 1541 as next targets.
Alternative scenario: The downside penetration of 1522 will call for 1519 & 1510.
Comment: Intraday support around 1522
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Crude Oil (Aug 11) intraday: bullish bias above 97.5 |
Pivot: 97.50
Most Likely Scenario: LONG positions above 97.5 with 98.5 & 99.4 in sight.
Alternative scenario: The downside breakout of 97.5 will open the way to 95.9 & 94.35.
Comment: The price is challenging its support threshold at 97.9, caution.
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