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PRE EUROPEAN OPEN, Daily Technical analysis, 28 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: 1.4410.
Most Likely Scenario: SHORT positions @ 1.44 with 1.4325 & 1.427 as next targets.
Alternative scenario: The upside penetration of 1.441 will call for a rebound towards 1.446 & 1.4535.
Comment: The 120-min RSI validated a bearish divergence calling for a correction. The downside breakout of 1.4325 will trigger a bearish acceleration.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: under pressure. |
Pivot: 1.6390.
Most Likely Scenario: SHORT positions @ 1.638 with targets @ 1.631 & 1.6265.
Alternative scenario: The upside breakout of 1.639 will open the way to 1.6435 & 1.6485.
Comment: The RSI lacks upside momentum. A break below 1.631 would trigger a drop towards 1.6265.
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USD/JPY intraday: turning up. |
Pivot: 77.70.
Most Likely Scenario: LONG positions @ 77.8 with 78.15 & 78.4 in sight.
Alternative scenario: The downside penetration of 77.7 will call for 77.55 & 77.3.
Comment: The RSI calls for a rebound.
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AUD/USD intraday: the bias remains bullish. |
Pivot: 1.0975
Most Likely Scenario: Long positions above 1.0975 with targets @ 1.1085 & 1.112 in extension.
Alternative scenario: Below 1.0975 look for further downside with 1.092 & 1.088 as targets.
Comment: The RSI is supported by a rising trend line.
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GOLD (Spot) intraday: bullish bias above 1607 |
Pivot: 1607.00
Most Likely Scenario: LONG positions above 1607 with 1621 & 1635 in sight.
Alternative scenario: The downside penetration of 1607 will call for a slide towards 1593 & 1583.
Comment: The immediate trend remains down but the momentum is weak. Intraday support at 1610.
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Crude Oil (Sep 11) intraday: the upside prevails. |
Pivot: 95.40
Most Likely Scenario: LONG positions above 95.4 with 97.8 & 98.55 in sight.
Alternative scenario: The downside penetration of 95.4 will call for a slide towards 94.1 & 92.9.
Comment: The RSI lacks downward momentum.
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