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PRE US OPEN, Daily Technical analysis, 18 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 downside prevails. |
Pivot: 1.41
Most Likely Scenario: Short positions below 1.41 with targets @ 1.395 & 1.39 in extension.
Alternative scenario: Above 1.41 look for further upside with 1.415 & 1.4175 as targets.
Comment: The RSI is bearish and calls for further downside.
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GBP/USD intraday: consolidation. |
Pivot: 1.616
Most Likely Scenario: Short positions below 1.616 with targets @ 1.6065 & 1.603 in extension.
Alternative scenario: Above 1.616 look for further upside with 1.62 & 1.6225 as targets.
Comment: The pair is trading in a slightly descending channel.
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USD/JPY intraday: choppy. |
Pivot: 78.85
Most Likely Scenario: Long positions above 78.85 with targets @ 79.5 & 79.9 in extension.
Alternative scenario: Below 78.85 look for further downside with 78.5 & 78.2 as targets.
Comment: A support base at 78.85 has formed and has allowed for a temporary stabilisation.
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AUD/USD intraday: the downside prevails. |
Pivot: 1.0675
Most Likely Scenario: Short positions below 1.0675 with targets @ 1.0575 & 1.0525 in extension.
Alternative scenario: Above 1.0675 look for further upside with 1.0725 & 1.075 as targets.
Comment: The RSI lacks upward momentum.
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GOLD (Spot) intraday: further upside. |
Pivot: 1575.00
Most Likely Scenario: LONG positions above 1575 with 1605 & 1618 as next targets.
Alternative scenario: The downside penetration of 1575 will call for a slide towards 1563 & 1554.
Comment: The price is supported by a rising trend line.
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Crude Oil (Sep 11) intraday: caution. |
Pivot: 96.70
Most Likely Scenario: LONG positions above 96.7 with targets @ 97.9 & 99.4.
Alternative scenario: The downside breakout of 96.7 will open the way to 95.75 & 95.
Comment: The immediate trend remains down but the momentum is weak.
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