PRE US OPEN, DAILY TECHNICAL ANALYSIS, 26 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: 1.4375
Most Likely Scenario: Long positions above 1.4375 with targets @ 1.4475 & 1.4515 in extension.
Alternative scenario: Below 1.4375 look for further downside with 1.433 & 1.429 as targets.
Comment: The pair has rebounded on its support and remains on the upside.NEXT » GBP/USD INTRADAY: CAUTION. Pivot: 1.6345
Most Likely Scenario: Short positions below 1.6345 with targets @ 1.628 & 1.626 in extension.
Alternative scenario: Above 1.6345 look for further upside with 1.64 & 1.6425 as targets.
Comment: The pair is posting a rebound and is challenging its resistance, caution.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 77.3
Most Likely Scenario: Short positions below 77.3 with targets @ 76.85 & 76.7 in extension.
Alternative scenario: Above 77.3 look for further upside with 77.5 & 77.7 as targets.
Comment: The pair is under pressure and is challenging its support.« PREVIOUS | NEXT » AUD/USD INTRADAY: TOWARDS 1.06. Pivot: 1.0465
Most Likely Scenario: Long positions above 1.0465 with targets @ 1.0535 & 1.06 in extension.
Alternative scenario: Below 1.0465 look for further downside with 1.042 & 1.0385 as targets.
Comment: The RSI broke above a bearish trend line.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: FURTHER UPSIDE. Pivot: 1765.00
Most Likely Scenario: LONG positions above 1765 with 1804 & 1825 in sight.
Alternative scenario: The downside penetration of 1765 will call for a slide towards 1755 & 1730.
Comment: The RSI is bullish and calls for further upside.« PREVIOUS | NEXT » CRUDE OIL (OCT 11) INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 86.60
Most Likely Scenario: SHORT positions below 86.6 with 83.9 & 82.95 as next targets.
Alternative scenario: The upside breakout of 86.6 will open the way to 88.2 & 89.2.
Comment: The upward potential is likely to be limited by the resistance at 86.6.