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PRE US OPEN, Daily Technical analysis, 12 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: 1.398
Most Likely Scenario: Short positions below 1.398 with targets @ 1.384 & 1.38 in extension.
Alternative scenario: Above 1.398 look for further upside with 1.4065 & 1.411 as targets.
Comment: The pair is posting a rebound but stands below its resistance.
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GBP/USD intraday: under pressure. |
Pivot: 1.589
Most Likely Scenario: Short positions below 1.589 with targets @ 1.58 & 1.578 in extension.
Alternative scenario: Above 1.589 look for further upside with 1.5925 & 1.5975 as targets.
Comment: The pair stands below its resistance and remains under pressure.
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USD/JPY intraday: under pressure. |
Pivot: 80.2
Most Likely Scenario: Short positions below 80.2 with targets @ 79.5 & 79.25 in extension.
Alternative scenario: Above 80.2 look for further upside with 80.4 & 80.6 as targets.
Comment: The pair remains under pressure, the RSI is mixed to bearish.
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AUD/USD intraday: capped by a negative trend line. |
Pivot: 1.0625
Most Likely Scenario: Short positions below 1.0625 with targets @ 1.0525 & 1.0485 in extension.
Alternative scenario: Above 1.0625 look for further upside with 1.07 & 1.0725 as targets.
Comment: The upward potential is likely to be limited by the resistance at 1.0625.
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GOLD (Spot) intraday: further advance. |
Pivot: 1540.00
Most Likely Scenario: LONG positions above 1540 with targets @ 1553 & 1558.
Alternative scenario: The downside penetration of 1540 will call for 1532 & 1525.
Comment: Supported by a rising trend line.
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Crude Oil (Aug 11) intraday: rebound. |
Pivot: 93.40
Most Likely Scenario: LONG positions above 93.4 with targets @ 95.6 & 96.7.
Alternative scenario: The downside breakout of 93.4 will open the way to 92.3 & 91.4.
Comment: The RSI lacks downward momentum.
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