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PRE EUROPEAN OPEN, Daily Technical analysis, 01 August 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: further advance. |
Pivot: 1.4325.
Most Likely Scenario: LONG positions @ 1.4335 with 1.442 & 1.4465 in sight.
Alternative scenario: The downside penetration of 1.4325 will call for 1.4275 & 1.4225.
Comment: The RSI is supported by a rising trend line, the pair is on the upside and is approaching its next resistance.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: the upside prevails. |
Pivot: 1.6375.
Most Likely Scenario: LONG positions @ 1.6385 with 1.6475 & 1.651 as next targets.
Alternative scenario: The downside penetration of 1.6375 will call for a slide towards 1.632 & 1.626.
Comment: The pair remains on the upside and is challenging its resistance.
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USD/JPY intraday: rebound. |
Pivot: 77.25.
Most Likely Scenario: LONG positions @ 77.3 with targets @ 78 & 78.3.
Alternative scenario: The downside penetration of 77.25 will call for a slide towards 77 & 76.75.
Comment: The RSI has broken above its declining trend line, the pair is posting a rebound.
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AUD/USD intraday: bullish bias above 1.093. |
Pivot: 1.093
Most Likely Scenario: Long positions above 1.093 with targets @ 1.1075 & 1.115 in extension.
Alternative scenario: Below 1.093 look for further downside with 1.088 & 1.079 as targets.
Comment: The RSI broke above a declining trend line.
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GOLD (Spot) intraday: key ST resistance at 1620 |
Pivot: 1620.00
Most Likely Scenario: SHORT positions below 1620 with 1607 & 1600 in sight.
Alternative scenario: The upside penetration of 1620 will call for a rebound towards 1627 & 1632.
Comment: The break below 1620 is a negative signal that has opened a path to 1607.
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Crude Oil (Sep 11) intraday: up turn. |
Pivot: 96.00
Most Likely Scenario: LONG positions above 96 with 98 & 99 in sight.
Alternative scenario: The downside penetration of 96 will call for 95 & 94.
Comment: The RSI broke above a bearish trend line.
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