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PRE EUROPEAN OPEN, Daily Technical analysis, 08 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: 1.4250.
Most Likely Scenario: LONG positions @ 1.426 with 1.4375 & 1.4405 as next targets.
Alternative scenario: The downside penetration of 1.425 will call for a slide towards 1.42 & 1.416.
Comment: The pair has broken above its MT bearish channel upper boundary and should post further advance.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: the upside prevails. |
Pivot: 1.6350.
Most Likely Scenario: LONG positions @ 1.636 with 1.644 & 1.6475 as next targets.
Alternative scenario: The downside penetration of 1.635 will call for a slide towards 1.63 & 1.6255.
Comment: The pair remains on the upside and is challenging its resistance.
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USD/JPY intraday: under pressure. |
Pivot: 78.60.
Most Likely Scenario: SHORT positions @ 78.55 with 77.5 & 77 as next targets.
Alternative scenario: The upside penetration of 78.6 will call for a rebound towards 79 & 79.25.
Comment: The pair is breaking below its support and should face further weakness.
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AUD/USD intraday: under pressure. |
Pivot: 1.044
Most Likely Scenario: Short positions below 1.044 with targets @ 1.03 & 1.0235 in extension.
Alternative scenario: Above 1.044 look for further upside with 1.053 & 1.0625 as targets.
Comment: The pair has broken below its support and should face further weakness.
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GOLD (Spot) intraday: further upside. |
Pivot: 1681.00
Most Likely Scenario: LONG positions above 1681 with targets @ 1716 & 1746.
Alternative scenario: The downside breakout of 1681 will open the way to 1663 & 1650.
Comment: The RSI broke above a bearish trend line.
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Crude Oil (Sep 11) intraday: the downside prevails. |
Pivot: 87.00
Most Likely Scenario: SHORT positions below 87 with 83 & 80.9 as next targets.
Alternative scenario: The upside penetration of 87 will call for a rebound towards 88.35 & 90.4.
Comment: The RSI is mixed with a bearish bias. The price remains in a bearish channel.
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