PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 05 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: CAPPED BY A NEGATIVE TREND LINE. Pivot: 1.4230.
Most Likely Scenario: SHORT positions @ 1.422 with targets @ 1.412 & 1.405.
Alternative scenario: The upside penetration of 1.423 will call for a rebound towards 1.43 & 1.435.
Comment: The pair and its intraday RSI remain capped by declining trend lines.
Trend: ST Ltd Upside; MT RangeNEXT » GBP/USD INTRADAY: UNDER PRESSURE. Pivot: 1.6225.
Most Likely Scenario: SHORT positions @ 1.6215 with targets @ 1.613 & 1.6105.
Alternative scenario: The upside penetration of 1.6225 will call for 1.6255 & 1.6295.
Comment: The pair stands below its resistance and remains under pressure.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 77.00.
Most Likely Scenario: SHORT positions @ 76.95 with targets @ 76.6 & 76.45.
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: THE DOWNSIDE PREVAILS. Pivot: 1.065
Most Likely Scenario: Short positions below 1.065 with targets @ 1.0545 & 1.051 in extension.
Alternative scenario: Above 1.065 look for further upside with 1.069 & 1.0725 as targets.
Comment: The break below 1.065 is a negative signal that has opened a path to 1.0545.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: FURTHER UPSIDE. Pivot: 1852.00
Most Likely Scenario: LONG positions above 1852 with 1890 & 1910 in sight.
Alternative scenario: The downside penetration of 1852 will call for 1800 & 1770.
Comment: The RSI is supported by a bullish trend line.« PREVIOUS | NEXT » CRUDE OIL (OCT 11) INTRADAY: UNDER PRESSURE. Pivot: 87.00
Most Likely Scenario: SHORT positions below 87 with 84.8 & 83 in sight.
Alternative scenario: The upside penetration of 87 will call for 87.65 & 89.9.
Comment: The RSI is bearish and calls for further downside.