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PRE EUROPEAN OPEN, Daily Technical Analysis, 05 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: 1.4170.
Most Likely Scenario: SHORT positions @ 1.416 with 1.406 & 1.4 in sight.
Alternative scenario: The upside penetration of 1.417 will call for 1.4235 & 1.4285.
Comment: the pair is posting a rebound but stands below its resistance.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: under pressure. |
Pivot: 1.6325.
Most Likely Scenario: SHORT positions @ 1.6315 with 1.6225 & 1.619 as next targets.
Alternative scenario: The upside penetration of 1.6325 will call for a rebound towards 1.6375 & 1.64.
Comment: the pair is under pressure and is challenging its support.
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USD/JPY intraday: under pressure. |
Pivot: 79.25.
Most Likely Scenario: SHORT positions @ 79.2 with targets @ 78.4 & 78.
Alternative scenario: The upside penetration of 79.25 will call for a rebound towards 79.75 & 80.15.
Comment: the pair is under pressure and is challenging its intermediary support.
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AUD/USD intraday: the downside prevails. |
Pivot: 1.055
Most Likely Scenario: Short positions below 1.055 with targets @ 1.0395 & 1.03 in extension.
Alternative scenario: Above 1.055 look for further upside with 1.0625 & 1.068 as targets.
Comment: the pair stands below its new resistance and remains under pressure.
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GOLD (Spot) intraday: under pressure. |
Pivot: 1666.00
Most Likely Scenario: SHORT positions below 1666 with 1641 & 1630 in sight.
Alternative scenario: The upside breakout of 1666 will open the way to 1672 & 1682.
Comment: the upward potential is likely to be limited by the resistance at 1666.
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Crude Oil (Sep 11) intraday: the downside prevails. |
Pivot: 89.75
Most Likely Scenario: SHORT positions below 89.75 with targets @ 84.4 & 83.35.
Alternative scenario: The upside penetration of 89.75 will call for 91.25 & 92.85.
Comment: the RSI is bearish and calls for further decline.
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