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PRE US OPEN, Daily Technical analysis, 04 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: under pressure. |
Pivot: 1.43
Most Likely Scenario: Short positions below 1.43 with targets @ 1.42 & 1.415 in extension.
Alternative scenario: Above 1.43 look for further upside with 1.4335 & 1.438 as targets.
Comment: The pair has broken below its support and remains under pressure. |
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GBP/USD intraday: under pressure. |
Pivot: 1.64
Most Likely Scenario: Short positions below 1.64 with targets @ 1.633 & 1.6295 in extension.
Alternative scenario: Above 1.64 look for further upside with 1.644 & 1.6475 as targets.
Comment: The RSI has broken below a rising trend line, the pair has struck against its resistance and remains under pressure. |
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USD/JPY intraday: further advance. |
Pivot: 79
Most Likely Scenario: Long positions above 79 with targets @ 80.15 & 80.45 in extension.
Alternative scenario: Below 79 look for further downside with 78.4 & 78 as targets.
Comment: The pair and its intraday RSI remain on the upside. |
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AUD/USD intraday: under pressure. |
Pivot: 1.068
Most Likely Scenario: Short positions below 1.068 with targets @ 1.059 & 1.0545 in extension.
Alternative scenario: Above 1.068 look for further upside with 1.072 & 1.079 as targets.
Comment: The pair has struck against its resistance and remains under pressure. |
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GOLD (Spot) intraday: turning down. |
Pivot: 1673.00
Most Likely Scenario: SHORT positions below 1673 with targets @ 1651 & 1644.5.
Alternative scenario: The upside penetration of 1673 will call for a rebound towards 1687 & 1696.
Comment: The RSI broke below a bullish trend line. |
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Crude Oil (Sep 11) intraday: rebound in sight. |
Pivot: 90.15
Most Likely Scenario: LONG positions above 90.15 with 92.85 & 93.75 as next targets.
Alternative scenario: The downside penetration of 90.15 will call for 89.15 & 88.6.
Comment: A Falling Wedge is shaping and is expected to trigger a recovery. In addition, the 90.15 key support maintains an intraday bullish bias. |
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