PRE US 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: KEY RESISTANCE AT 1.4475. Pivot: 1.4475
Most Likely Scenario: Short positions below 1.4475 with targets @ 1.4395 & 1.435 in extension.
Alternative scenario: Above 1.4475 look for further upside with 1.4525 & 1.455 as targets.
Comment: the pair has broken below its support and remains under pressure as the RSI is badly directed.NEXT » GBP/USD INTRADAY: UNDER PRESSURE. Pivot: 1.6375
Most Likely Scenario: Short positions below 1.6375 with targets @ 1.6275 & 1.6225 in extension.
Alternative scenario: Above 1.6375 look for further upside with 1.64 & 1.6425 as targets.
Comment: the RSI is badly directed, the pair has broken below its support and should face further weakness.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 77
Most Likely Scenario: Short positions below 77 with targets @ 76.5 & 76.3 in extension.
Alternative scenario: Above 77 look for further upside with 77.1 & 77.3 as targets.
Comment: the pair stands below its resistance and remains under pressure.« 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 break above 1.061 is a positive signal that has opened a path to 1.075.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: THE DOWNSIDE PREVAILS. 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: FURTHER UPSIDE. Pivot: 85.90
Most Likely Scenario: LONG positions above 85.9 with targets @ 88.2 & 89.15.
Alternative scenario: The downside penetration of 85.9 will call for a slide towards 85 & 82.9.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.