PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 30 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: 1.4475.
Most Likely Scenario: LONG positions @ 1.4485 with targets @ 1.455 & 1.458.
Alternative scenario: The downside penetration of 1.4475 will call for 1.443 & 1.4395.
Comment: The RSI is supported by a rising trend line, the pair stands above its support and should post a rebound.
Trend: ST Ltd Upside; MT RangeNEXT » GBP/USD INTRADAY: THE UPSIDE PREVAILS. Pivot: 1.6365.
Most Likely Scenario: LONG positions @ 1.6375 with targets @ 1.6445 & 1.6475.
Alternative scenario: The downside breakout of 1.6365 will open the way to 1.6325 & 1.6275.
Comment: The pair stands above its support and remains on the upside, the RSI is challenging its rising trend line.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 77.10.
Most Likely Scenario: SHORT positions @ 77.05 with 76.7 & 76.5 as next targets.
Alternative scenario: The upside breakout of 77.1 will open the way to 77.3 & 77.5.
Comment: The RSI is badly directed, the pair stands below its resistance and should face further weakness.« PREVIOUS | NEXT » AUD/USD INTRADAY: BULLISH BIAS ABOVE 1.061. Pivot: 1.061
Most Likely Scenario: Long positions above 1.061 with targets @ 1.075 & 1.0785 in extension.
Alternative scenario: Below 1.061 look for further downside with 1.0545 & 1.052 as targets.
Comment: The RSI is supported by a rising trend line.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: KEY ST RESISTANCE AT 1811 Pivot: 1811.00
Most Likely Scenario: SHORT positions below 1811 with targets @ 1770 & 1742.
Alternative scenario: The upside penetration of 1811 will call for 1830 & 1855.
Comment: Gold prices remain below the 50 period moving average.« PREVIOUS | NEXT » CRUDE OIL (OCT 11) INTRADAY: BULLISH BIAS ABOVE 85.9 Pivot: 85.90
Most Likely Scenario: LONG positions above 85.9 with targets @ 88.2 & 89.15.
Alternative scenario: The downside breakout of 85.9 will open the way to 85 & 82.9.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.