PRE US OPEN, DAILY TECHNICAL ANALYSIS, 22 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: THE UPSIDE PREVAILS. Pivot: 1.4345
Most Likely Scenario: Long positions above 1.4345 with targets @ 1.4425 & 1.4475 in extension.
Alternative scenario: Below 1.4345 look for further downside with 1.43 & 1.427 as targets.
Comment: The pair is on the upside and is challenging its resistance, the RSI is mixed to bullish.NEXT » GBP/USD INTRADAY: THE UPSIDE PREVAILS. Pivot: 1.644
Most Likely Scenario: Long positions above 1.644 with targets @ 1.655 & 1.662 in extension.
Alternative scenario: Below 1.644 look for further downside with 1.64 & 1.632 as targets.
Comment: The pair stands above its support and should post a rebound.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 77
Most Likely Scenario: Short positions below 77 with targets @ 76.4 & 76 in extension.
Alternative scenario: Above 77 look for further upside with 77.5 & 77.9 as targets.
Comment: The pair stands below its resistance and remains under pressure.« PREVIOUS | NEXT » AUD/USD INTRADAY: INTRADAY SUPPORT AROUND 1.036. Pivot: 1.036
Most Likely Scenario: Long positions above 1.036 with targets @ 1.0485 & 1.055 in extension.
Alternative scenario: Below 1.036 look for further downside with 1.0315 & 1.024 as targets.
Comment: The pair has rebounded on its support and should post further up move as the RSI is well directed.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: BULLISH BIAS ABOVE 1862 Pivot: 1862.00
Most Likely Scenario: LONG positions above 1862 with targets @ 1895 & 1920.
Alternative scenario: The downside breakout of 1862 will open the way to 1836 & 1815.
Comment: The price is supported by a rising trend line.« PREVIOUS | NEXT » CRUDE OIL (OCT 11) INTRADAY: AIM @ 85.7 Pivot: 81.15
Most Likely Scenario: LONG positions @ 83.05 with 84.3 & 85.7 as next targets.
Alternative scenario: The downside penetration of 81.15 will call for a slide towards 79.35 & 78.05.
Comment: A bullish flag pattern is taking place and calls for further upside.