PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 02 SEPTEMBER 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: UNDER PRESSURE. Pivot: 1.4300.
Most Likely Scenario: SHORT positions @ 1.429 with targets @ 1.425 & 1.422.
Alternative scenario: The upside breakout of 1.43 will open the way to 1.435 & 1.4385.
Comment: The pair RSI is capped by a declining trend line, the pair remains under pressure and should face further weakness.
Trend: ST Ltd Upside; MT RangeNEXT » GBP/USD INTRADAY: UNDER PRESSURE. Pivot: 1.6225.
Most Likely Scenario: SHORT positions @ 1.6215 with 1.616 & 1.613 in sight.
Alternative scenario: The upside breakout of 1.6225 will open the way to 1.6255 & 1.6295.
Comment: The pair and its intraday RSI remain capped by declining trend lines.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 77.00.
Most Likely Scenario: SHORT positions @ 76.95 with 76.75 & 76.6 in sight.
Alternative scenario: The upside breakout of 77 will open the way to 77.2 & 77.35.
Comment: The pair has struck against its resistance and remains under pressure.« PREVIOUS | NEXT » AUD/USD INTRADAY: BULLISH BIAS ABOVE 1.0675. Pivot: 1.0675
Most Likely Scenario: Long positions above 1.0675 with targets @ 1.0765 & 1.0785 in extension.
Alternative scenario: Below 1.0675 look for further downside with 1.065 & 1.061 as targets.
Comment: The RSI has just landed on a support around 30% and is reversing up.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: BULLISH BIAS ABOVE 1810 Pivot: 1810.00
Most Likely Scenario: LONG positions above 1810 with targets @ 1840 & 1855.
Alternative scenario: The downside breakout of 1810 will open the way to 1770 & 1745.
Comment: Intraday support around 1810« PREVIOUS | NEXT » CRUDE OIL (OCT 11) INTRADAY: FURTHER UPSIDE. Pivot: 87.65
Most Likely Scenario: LONG positions above 87.65 with 89.9 & 90.8 in sight.
Alternative scenario: The downside penetration of 87.65 will call for 86.5 & 85.
Comment: Intraday support around 87.65