PRE US OPEN, DAILY TECHNICAL ANALYSIS, 18 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: CAUTION. Pivot: 1.435
Most Likely Scenario: Long positions above 1.435 with targets @ 1.445 & 1.4475 in extension.
Alternative scenario: Below 1.435 look for further downside with 1.431 & 1.4275 as targets.
Comment: the pair is pulling back on its support, the RSI calls for caution.NEXT » GBP/USD INTRADAY: SUPPORTED BY A RISING TREND LINE. Pivot: 1.6475
Most Likely Scenario: Long positions above 1.6475 with targets @ 1.655 & 1.659 in extension.
Alternative scenario: Below 1.6475 look for further downside with 1.6425 & 1.64 as targets.
Comment: the pair is pulling back on its MT rising trend line.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 77
Most Likely Scenario: Short positions below 77 with targets @ 76.3 & 76 in extension.
Alternative scenario: Above 77 look for further upside with 77.2 & 77.5 as targets.
Comment: the pair stands below its resistance and remains under pressure.« PREVIOUS | NEXT » AUD/USD INTRADAY: KEY ST RESISTANCE AT 1.052. Pivot: 1.052
Most Likely Scenario: Short positions below 1.052 with targets @ 1.04 & 1.03 in extension.
Alternative scenario: Above 1.052 look for further upside with 1.056 & 1.063 as targets.
Comment: the pair has broken below its support and should face further weakness as the RSI is badly directed.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: THE BIAS REMAINS BULLISH. Pivot: 1778.00
Most Likely Scenario: LONG positions above 1778 with 1800 & 1815 as next targets.
Alternative scenario: The downside breakout of 1778 will open the way to 1758 & 1748.
Comment: the RSI lacks momentum.« PREVIOUS | NEXT » CRUDE OIL (SEP 11) INTRADAY: BOUNCE. Pivot: 85.60
Most Likely Scenario: LONG positions above 85.6 with 88 & 90.25 in sight.
Alternative scenario: The downside breakout of 85.6 will open the way to 82.85 & 80.7.
Comment: the RSI lacks downward momentum.