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PRE EUROPEAN OPEN, Daily Technical analysis, 14 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: the upside prevails. |
Pivot: 1.4110.
Most Likely Scenario: LONG positions @ 1.412 with targets @ 1.4285 & 1.4375.
Alternative scenario: The downside penetration of 1.411 will call for 1.405 & 1.3975.
Comment: The pair remains on the upside and is challenging its resistance, the RSI is mixed to bullish.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: the upside prevails. |
Pivot: 1.6075.
Most Likely Scenario: LONG positions @ 1.6085 with 1.62 & 1.6225 in sight.
Alternative scenario: The downside penetration of 1.6075 will call for a slide towards 1.603 & 1.6.
Comment: The pair is facing a pull back ahead of further advance.
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USD/JPY intraday: capped by a negative trend line. |
Pivot: 79.15.
Most Likely Scenario: SHORT positions @ 79.1 with 78.5 & 78.2 in sight.
Alternative scenario: The upside penetration of 79.15 will call for a rebound towards 79.5 & 79.9.
Comment: The pair remains capped by a declining trend line.
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AUD/USD intraday: towards 1.0855. |
Pivot: 1.0675
Most Likely Scenario: Long positions above 1.0675 with targets @ 1.0855 & 1.089 in extension.
Alternative scenario: Below 1.0675 look for further downside with 1.0625 & 1.0575 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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GOLD (Spot) intraday: further advance. |
Pivot: 1572.00
Most Likely Scenario: LONG positions above 1572 with 1593 & 1605 in sight.
Alternative scenario: The downside breakout of 1572 will open the way to 1563 & 1554.
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 upside. |
Pivot: 96.50
Most Likely Scenario: LONG positions above 96.5 with 98.2 & 98.95 as next targets.
Alternative scenario: The downside breakout of 96.5 will open the way to 95.9 & 95.15.
Comment: The immediate trend remains down but the momentum is weak. Support threshold at 96.5.
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