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PRE US OPEN, DAILY TECHNICAL ANALYSIS, 31 AUGUST 2011 |
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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 @ 1.438 & 1.435 in extension.
Alternative scenario: Above 1.4475 look for further upside with 1.4525 & 1.455 as targets.
Comment: The pair has struck against its resistance and remains under pressure, the RSI is capped by a declining trend line.
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GBP/USD INTRADAY: UNDER PRESSURE. |
Pivot: 1.633
Most Likely Scenario: Short positions below 1.633 with targets @ 1.6225 & 1.62 in extension.
Alternative scenario: Above 1.633 look for further upside with 1.6365 & 1.6395 as targets.
Comment: The pair stands below its resistance and remains under pressure as the RSI is badly directed.
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USD/JPY INTRADAY: UNDER PRESSURE. |
Pivot: 76.8
Most Likely Scenario: Short positions below 76.8 with targets @ 76.5 & 76.3 in extension.
Alternative scenario: Above 76.8 look for further upside with 77 & 77.1 as targets.
Comment: The pair remains under pressure and is approaching its support.
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AUD/USD INTRADAY: BULLISH BIAS ABOVE 1.066. |
Pivot: 1.066
Most Likely Scenario: Long positions above 1.066 with targets @ 1.075 & 1.0785 in extension.
Alternative scenario: Below 1.066 look for further downside with 1.061 & 1.0545 as targets.
Comment: The RSI is mixed with a bullish bias.
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GOLD (SPOT) INTRADAY: BULLISH BIAS ABOVE 1810 |
Pivot: 1810.00
Most Likely Scenario: LONG positions above 1810 with 1840 & 1855 in sight.
Alternative scenario: The downside breakout of 1810 will open the way to 1770 & 1742.
Comment: Tentative rising trend line currently standing at 1814.
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CRUDE OIL (OCT 11) INTRADAY: BULLISH BIAS ABOVE 87.5. |
Pivot: 87.50
Most Likely Scenario: LONG positions above 87.5 with targets @ 89.15 & 90.2.
Alternative scenario: The downside breakout of 87.5 will open the way to 86.5 & 85.
Comment: Intraday support around 87.5.
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