PRE US OPEN, DAILY TECHNICAL ANALYSIS, 16 AUGUST 2011 EUR/USD GBP/USD USD/JPY AUD/USD GOLD CRUDE OIL 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: INTRADAY SUPPORT AROUND 1.4365. Pivot: 1.4365
Most Likely Scenario: Long positions above 1.4365 with targets @ 1.442 & 1.4475 in extension.
Alternative scenario: Below 1.4365 look for further downside with 1.4325 & 1.4275 as targets.
Comment: The pair is challenging its new support, the RSI is turning up.NEXT » GBP/USD INTRADAY: REBOUND. Pivot: 1.6325
Most Likely Scenario: Long positions above 1.6325 with targets @ 1.641 & 1.645 in extension.
Alternative scenario: Below 1.6325 look for further downside with 1.63 & 1.6265 as targets.
Comment: The pair has rebounded on its support and should post further advance.« PREVIOUS | NEXT » USD/JPY INTRADAY: CONSOLIDATION. Pivot: 77.2
Most Likely Scenario: Short positions below 77.2 with targets @ 76.5 & 76.3 in extension.
Alternative scenario: Above 77.2 look for further upside with 77.5 & 77.75 as targets.
Comment: The pair stands below its resistance and remains under pressure.« PREVIOUS | NEXT » AUD/USD INTRADAY: UNDER PRESSURE. Pivot: 1.0465
Most Likely Scenario: Short positions below 1.0465 with targets @ 1.035 & 1.025 in extension.
Alternative scenario: Above 1.0465 look for further upside with 1.053 & 1.063 as targets.
Comment: The pair is pulling back on its new resistance ahead of further weakness.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: FURTHER UPSIDE. Pivot: 1760.00
Most Likely Scenario: LONG positions above 1760 with targets @ 1796 & 1815.
Alternative scenario: The downside breakout of 1760 will open the way to 1748 & 1725.
Comment: The RSI is bullish and calls for further advance.« PREVIOUS | NEXT » CRUDE OIL (SEP 11) INTRADAY: FURTHER ADVANCE. Pivot: 85.00
Most Likely Scenario: LONG positions above 85 with 90.25 & 92.85 as next targets.
Alternative scenario: The downside penetration of 85 will call for a slide towards 82.85 & 80.7.
Comment: The price is supported by a rising trend line.