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PRE EUROPEAN OPEN, Daily Technical analysis, 09 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: caution. |
Pivot: 1.4275.
Most Likely Scenario: SHORT positions @ 1.4265 with 1.415 & 1.412 in sight.
Alternative scenario: The upside penetration of 1.4275 will call for a rebound towards 1.43 & 1.435.
Comment: The pair is posting a rebound and is approaching its resistance, the RSI calls for caution.
Trend: ST Ltd Upside; MT Range
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GBP/USD intraday: under pressure. |
Pivot: 1.6385.
Most Likely Scenario: SHORT positions @ 1.6375 with targets @ 1.627 & 1.6225.
Alternative scenario: The upside penetration of 1.6385 will call for 1.644 & 1.6475.
Comment: The pair stands below its new resistance and remains under pressure.
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USD/JPY intraday: under pressure. |
Pivot: 77.95.
Most Likely Scenario: SHORT positions @ 77.9 with targets @ 77 & 76.7.
Alternative scenario: The upside penetration of 77.95 will call for a rebound towards 78.25 & 78.6.
Comment: The pair remains under pressure and is challenging its support.
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AUD/USD intraday: capped by a negative trend line. |
Pivot: 1.03
Most Likely Scenario: Short positions below 1.03 with targets @ 1 & 0.99 in extension.
Alternative scenario: Above 1.03 look for further upside with 1.0405 & 1.053 as targets.
Comment: The pair is posting a rebound but should be capped by a MT declining trend line.
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GOLD (Spot) intraday: look for 1790 |
Pivot: 1720.00
Most Likely Scenario: LONG positions above 1720 with 1772.5 & 1790 in sight.
Alternative scenario: The downside penetration of 1720 will call for 1692 & 1680.
Comment: The RSI is supported by a bullish trend line.
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Crude Oil (Sep 11) intraday: 74 in sight |
Pivot: 83.00
Most Likely Scenario: SHORT positions below 83 with 75.7 & 74 as next targets.
Alternative scenario: The upside penetration of 83 will call for a rebound towards 86 & 88.3.
Comment: The RSI is capped by a declining trend line.
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