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PRE US OPEN, Daily Technical analysis, 03 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: 1.425
Most Likely Scenario: Long positions above 1.425 with targets @ 1.438 & 1.445 in extension.
Alternative scenario: Below 1.425 look for further downside with 1.42 & 1.415 as targets.
Comment: The pair has broken above its resistance and should post further advance as the RSI is well directed. |
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GBP/USD intraday: further advance. |
Pivot: 1.633
Most Likely Scenario: Long positions above 1.633 with targets @ 1.643 & 1.6475 in extension.
Alternative scenario: Below 1.633 look for further downside with 1.6295 & 1.625 as targets.
Comment: The pair has broken above its resistance and should post further advance as the RSI is well directed. |
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USD/JPY intraday: under pressure. |
Pivot: 77.4
Most Likely Scenario: Short positions below 77.4 with targets @ 76.95 & 76.7 in extension.
Alternative scenario: Above 77.4 look for further upside with 77.65 & 78.05 as targets.
Comment: The pair stands below its resistance, the RSI is mixed to bearish. |
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AUD/USD intraday: caution. |
Pivot: 1.079
Most Likely Scenario: Short positions below 1.079 with targets @ 1.0705 & 1.068 in extension.
Alternative scenario: Above 1.079 look for further upside with 1.0815 & 1.088 as targets.
Comment: The pair is challenging its resistance, the RSI calls for caution. |
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GOLD (Spot) intraday: further advance. |
Pivot: 1651.00
Most Likely Scenario: LONG positions above 1651 with 1673 & 1687 as next targets.
Alternative scenario: The downside penetration of 1651 will call for 1639 & 1633.5.
Comment: The immediate trend remains up and the momentum is strong. |
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Crude Oil (Sep 11) intraday: the downside prevails. |
Pivot: 95.45
Most Likely Scenario: SHORT positions below 95.45 with 92.5 & 91.95 as next targets.
Alternative scenario: The upside breakout of 95.45 will open the way to 96.5 & 97.3.
Comment: The break below 95.45 is a negative signal that has opened a path to 92.5. |
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