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PRE EUROPEAN OPEN, Daily Technical analysis, 19 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: end of the consolidation. |
Pivot: 1.4025.
Most Likely Scenario: LONG positions @ 1.4035 with 1.415 & 1.4225 in sight.
Alternative scenario: The downside breakout of 1.4025 will open the way to 1.395 & 1.39.
Comment: The break above an intraday bearish channel resistance and the 1.4025 strong support level are calling for a recovery.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: end of the consolidation. |
Pivot: 1.6030.
Most Likely Scenario: LONG positions @ 1.604 with targets @ 1.6085 & 1.6125.
Alternative scenario: The downside breakout of 1.603 will open the way to 1.599 & 1.594.
Comment: The RSI broke above a bearish trend line.
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USD/JPY intraday: intraday support around 78.85 |
Pivot: 78.85.
Most Likely Scenario: LONG positions @ 78.9 with targets @ 79.28 & 79.5.
Alternative scenario: The downside penetration of 78.85 will call for 78.5 & 78.2.
Comment: A support base at 78.85 has formed and has allowed for a temporary stabilisation.
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AUD/USD intraday: bounce. |
Pivot: 1.0565
Most Likely Scenario: Long positions above 1.0565 with targets @ 1.0655 & 1.068 in extension.
Alternative scenario: Below 1.0565 look for further downside with 1.0525 & 1.046 as targets.
Comment: The RSI calls for a rebound.
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GOLD (Spot) intraday: the bias remains bullish. |
Pivot: 1588.00
Most Likely Scenario: LONG positions above 1588 with targets @ 1618 & 1630.
Alternative scenario: The downside penetration of 1588 will call for 1574 & 1557.
Comment: The price is supported by a rising trend line.
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Crude Oil (Sep 11) intraday: the bias remains bullish. |
Pivot: 95.00
Most Likely Scenario: LONG positions above 95 with 96.9 & 97.9 in sight.
Alternative scenario: The downside penetration of 95 will call for 94 & 92.95.
Comment: A support base at 95 has formed and has allowed for a temporary stabilisation.
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