PRE US OPEN, DAILY TECHNICAL ANALYSIS, 25 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 1.4375. Pivot: 1.4375
Most Likely Scenario: Long positions above 1.4375 with targets @ 1.445 & 1.448 in extension.
Alternative scenario: Below 1.4375 look for further downside with 1.4345 & 1.4295 as targets.
Comment: The pair is pulling back on its support ahead of a rebound.NEXT » GBP/USD INTRADAY: UNDER PRESSURE. Pivot: 1.64
Most Likely Scenario: Short positions below 1.64 with targets @ 1.6325 & 1.627 in extension.
Alternative scenario: Above 1.64 look for further upside with 1.6425 & 1.6475 as targets.
Comment: The pair has struck against its resistance and should face further weakness as the RSI is badly directed.« PREVIOUS | NEXT » USD/JPY INTRADAY: FURTHER ADVANCE. Pivot: 76.85
Most Likely Scenario: Long positions above 76.85 with targets @ 77.25 & 77.5 in extension.
Alternative scenario: Below 76.85 look for further downside with 76.7 & 76.45 as targets.
Comment: The RSI is supported by a rising trend line, the pair stands above its new support.« PREVIOUS | NEXT » AUD/USD INTRADAY: CONSOLIDATION IN PLACE. Pivot: 1.048
Most Likely Scenario: Short positions below 1.048 with targets @ 1.043 & 1.039 in extension.
Alternative scenario: Above 1.048 look for further upside with 1.0535 & 1.06 as targets.
Comment: The pair broke below its rising channel support.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: KEY ST RESISTANCE AT 1746 Pivot: 1746.00
Most Likely Scenario: SHORT positions below 1746 with 1703 & 1685 as next targets.
Alternative scenario: The upside penetration of 1746 will call for a rebound towards 1760 & 1775.
Comment: Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.« PREVIOUS | NEXT » CRUDE OIL (OCT 11) INTRADAY: KEY ST RESISTANCE AT 86.6 Pivot: 86.60
Most Likely Scenario: SHORT positions below 86.6 with 83.9 & 82.95 in sight.
Alternative scenario: The upside breakout of 86.6 will open the way to 88.2 & 89.2.
Comment: The index currently faces a challenging resistance area at 86.6.