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PRE US OPEN, Daily Technical Analysis, 10 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: 1.431
Most Likely Scenario: Long positions above 1.431 with targets @ 1.44 & 1.4455 in extension.
Alternative scenario: Below 1.431 look for further downside with 1.4275 & 1.4225 as targets.
Comment: the pair has validated a bullish flag and should post further advance. |
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GBP/USD intraday: caution. |
Pivot: 1.6225
Most Likely Scenario: Long positions above 1.6225 with targets @ 1.6325 & 1.6375 in extension.
Alternative scenario: Below 1.6225 look for further downside with 1.6175 & 1.6120 as targets.
Comment: the pair is pulling back on its support, the RSI calls for caution. |
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USD/JPY intraday: capped by a negative trend line. |
Pivot: 77.05
Most Likely Scenario: Short positions below 77.05 with targets @ 76.3 & 76 in extension.
Alternative scenario: Above 77.05 look for further upside with 77.35 & 77.65 as targets.
Comment: the pair has struck against its MT declining trend line and remains under pressure. |
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AUD/USD intraday: the upside prevails. |
Pivot: 1.025
Most Likely Scenario: Long positions above 1.025 with targets @ 1.0405 & 1.05 in extension.
Alternative scenario: Below 1.025 look for further downside with 1.01 & 0.993 as targets.
Comment: the pair is on the upside and is challenging its resistance. |
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GOLD (Spot) intraday: the bias remains bullish. |
Pivot: 1719.00
Most Likely Scenario: LONG positions above 1719 with targets @ 1780 & 1807.
Alternative scenario: The downside penetration of 1719 will call for a slide towards 1692 & 1670.
Comment: a support base at 1719 has formed and has allowed for a temporary stabilisation. |
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Crude Oil (Sep 11) intraday: aim @ 75.7 |
Pivot: 83.30
Most Likely Scenario: SHORT positions below 83.3 with 77.6 & 75.7 as next targets.
Alternative scenario: The upside penetration of 83.3 will call for a rebound towards 85 & 87.
Comment: the price is capped by a declining trend line. |
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