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PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 15 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: THE UPSIDE PREVAILS. |
Pivot: 1.4205.
Most Likely Scenario: LONG positions @ 1.4215 with targets @ 1.4325 & 1.4375.
Alternative scenario: The downside penetration of 1.4205 will call for 1.415 & 1.41.
Comment: the pair is on the upside and is challenging its resistance, the RSI is supported by a rising trend line.
Trend: ST Ltd Upside; MT Range
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GBP/USD INTRADAY: REBOUND EXPECTED. |
Pivot: 1.6235.
Most Likely Scenario: LONG positions @ 1.6245 with 1.6325 & 1.635 as next targets.
Alternative scenario: The downside breakout of 1.6235 will open the way to 1.62 & 1.615.
Comment: the RSI is supported by a rising trend line, the pair should post a rebound on its support.
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USD/JPY INTRADAY: UNDER PRESSURE. |
Pivot: 77.20.
Most Likely Scenario: SHORT positions @ 77.15 with targets @ 76.5 & 76.3.
Alternative scenario: The upside penetration of 77.2 will call for a rebound towards 77.5 & 77.75.
Comment: the pair stands below its resistance and remains under pressure.
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AUD/USD INTRADAY: THE UPSIDE PREVAILS. |
Pivot: 1.0345
Most Likely Scenario: Long positions above 1.0345 with targets @ 1.05 & 1.063 in extension.
Alternative scenario: Below 1.0345 look for further downside with 1.025 & 1.011 as targets.
Comment: the pair and its intraday RSI remain supported by rising trend lines.
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GOLD (SPOT) INTRADAY: THE DOWNSIDE PREVAILS. |
Pivot: 1762.00
Most Likely Scenario: SHORT positions below 1762 with targets @ 1720 & 1700.
Alternative scenario: The upside penetration of 1762 will call for 1780 & 1815.
Comment: the RSI is capped by a declining trend line.
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CRUDE OIL (SEP 11) INTRADAY: FURTHER UPSIDE. |
Pivot: 82.85
Most Likely Scenario: LONG positions above 82.85 with 87.3 & 90.25 as next targets.
Alternative scenario: The downside breakout of 82.85 will open the way to 80.7 & 79.5.
Comment: the RSI is supported by a rising trend line.
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