PRE US OPEN, DAILY TECHNICAL ANALYSIS, 20 JULY 2011 EUR/USD GBP/USD USD/JPY AUD/USD GOLD CRUDE OIL 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: BULLISH BIAS ABOVE 1.4095. Pivot: 1.4095
Most Likely Scenario: Long positions above 1.4095 with targets @ 1.4225 & 1.4285 in extension.
Alternative scenario: Below 1.4095 look for further downside with 1.406 & 1.402 as targets.
Comment: the RSI is supported by a rising trend line.NEXT » GBP/USD INTRADAY: BULLISH BIAS ABOVE 1.607. Pivot: 1.607
Most Likely Scenario: Long positions above 1.607 with targets @ 1.6175 & 1.62 in extension.
Alternative scenario: Below 1.607 look for further downside with 1.6040 & 1.6015 as targets.
Comment: the RSI is bullish and calls for further upside.« PREVIOUS | NEXT » USD/JPY INTRADAY: INTRADAY SUPPORT AROUND 78.75. Pivot: 78.75
Most Likely Scenario: Long positions above 78.75 with targets @ 79.28 & 79.5 in extension.
Alternative scenario: Below 78.75 look for further downside with 78.5 & 78.2 as targets.
Comment: the RSI is oversold and is currently turning up.« PREVIOUS | NEXT » AUD/USD INTRADAY: THE UPSIDE PREVAILS. Pivot: 1.071
Most Likely Scenario: Long positions above 1.071 with targets @ 1.079 & 1.086 in extension.
Alternative scenario: Below 1.071 look for further downside with 1.0675 & 1.0655 as targets.
Comment: the RSI calls for a new upleg.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: UNDER PRESSURE. Pivot: 1600.00
Most Likely Scenario: SHORT positions below 1600 with 1576 & 1569 in sight.
Alternative scenario: The upside penetration of 1600 will call for a rebound towards 1610 & 1618.
Comment: the RSI is mixed to bearish.« PREVIOUS | NEXT » CRUDE OIL (SEP 11) INTRADAY: FURTHER UPSIDE. Pivot: 97.65
Most Likely Scenario: LONG positions above 97.65 with 99.85 & 100.5 as next targets.
Alternative scenario: The downside breakout of 97.65 will open the way to 96.75 & 95.65.
Comment: the price is clearing a significant declining trend line and therefore should experience a substantial upward move.