PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 29 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: 1.4450.
Most Likely Scenario: LONG positions @ 1.446 with 1.454 & 1.458 as next targets.
Alternative scenario: The downside penetration of 1.445 will call for a slide towards 1.4395 & 1.433.
Comment: The pair has broken above its declining trend line and is challenging its previous high.
Trend: ST Ltd Upside; MT RangeNEXT » GBP/USD INTRADAY: THE UPSIDE PREVAILS. Pivot: 1.6325.
Most Likely Scenario: LONG positions @ 1.6335 with 1.64 & 1.6445 in sight.
Alternative scenario: The downside penetration of 1.6325 will call for 1.6275 & 1.621.
Comment: The pair is supported by a rising trend line, the pair is on the upside and is challenging its resistance.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 77.00.
Most Likely Scenario: SHORT positions @ 76.95 with 76.5 & 76.3 as next targets.
Alternative scenario: The upside penetration of 77 will call for 77.3 & 77.5.
Comment: The pair is under pressure and is approaching its support.« PREVIOUS | NEXT » AUD/USD INTRADAY: THE BIAS REMAINS BULLISH. Pivot: 1.0585
Most Likely Scenario: Long positions above 1.0585 with targets @ 1.068 & 1.075 in extension.
Alternative scenario: Below 1.0585 look for further downside with 1.0545 & 1.052 as targets.
Comment: The RSI advocates for further advance.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 1855.00
Most Likely Scenario: SHORT positions below 1855 with 1796 & 1770 as next targets.
Alternative scenario: The upside penetration of 1855 will call for a rebound towards 1878 & 1896.
Comment: The upward potential is likely to be limited by the resistance area around 1840.« PREVIOUS | NEXT » CRUDE OIL (OCT 11) INTRADAY: THE BIAS REMAINS BULLISH. Pivot: 82.90
Most Likely Scenario: LONG positions above 82.9 with 86.6 & 88.2 as next targets.
Alternative scenario: The downside penetration of 82.9 will call for a slide towards 81.7 & 81.2.
Comment: The price has struck against the 50% retracement level at 82.95. The RSI advocates for further advance.