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PRE EUROPEAN OPEN, Daily Technical analysis, 11 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: 1.4270.
Most Likely Scenario: SHORT positions @ 1.426 with targets @ 1.416 & 1.4125.
Alternative scenario: The upside penetration of 1.427 will call for 1.431 & 1.4375.
Comment: The pair is under pressure and is approaching its next support.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: under pressure. |
Pivot: 1.6050.
Most Likely Scenario: SHORT positions @ 1.604 with 1.595 & 1.591 as next targets.
Alternative scenario: The upside penetration of 1.605 will call for a rebound towards 1.608 & 1.61.
Comment: The pair and its intraday RSI should face further weaknesses.
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USD/JPY intraday: under pressure. |
Pivot: 80.90.
Most Likely Scenario: SHORT positions @ 80.85 with 80.5 & 80.3 as next targets.
Alternative scenario: The upside penetration of 80.9 will call for a rebound towards 81.15 & 81.45.
Comment: The pair is posting a rebound but stands below its resistance.
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AUD/USD intraday: consolidation. |
Pivot: 1.075
Most Likely Scenario: Short positions below 1.075 with targets @ 1.065 & 1.063 in extension.
Alternative scenario: Above 1.075 look for further upside with 1.079 & 1.083 as targets.
Comment: The pair stands below its resistance and remains under pressure.
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GOLD (Spot) intraday: further advance. |
Pivot: 1538.00
Most Likely Scenario: LONG positions @ 1545 with targets @ 1549 & 1558.
Alternative scenario: The downside breakout of 1538 will open the way to 1532 & 1525.
Comment: A continuation pattern is confirmed and advocates for further upside.
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Crude Oil (Aug 11) intraday: rebound in sight. |
Pivot: 94.52
Most Likely Scenario: LONG positions above 94.52 with targets @ 96.5 & 97.9.
Alternative scenario: The downside penetration of 94.52 will call for a slide towards 93.4 & 92.3.
Comment: The RSI is posting a bullish divergence (not confirmed yet).
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