PRE US OPEN, DAILY TECHNICAL ANALYSIS, 07 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: KEY RESISTANCE AT 1.415. Pivot: 1.415
Most Likely Scenario: Short positions below 1.415 with targets @ 1.4025 & 1.3975 in extension.
Alternative scenario: Above 1.415 look for further upside with 1.42 & 1.425 as targets.
Comment: the pair has struck against its resistance and should face further weakness.NEXT » GBP/USD INTRADAY: UNDER PRESSURE. Pivot: 1.6055
Most Likely Scenario: Short positions below 1.6055 with targets @ 1.592 & 1.5875 in extension.
Alternative scenario: Above 1.6055 look for further upside with 1.61 & 1.615 as targets.
Comment: the pair is pulling back on its resistance ahead of a weakness.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 77.5
Most Likely Scenario: Short positions below 77.5 with targets @ 77.05 & 76.8 in extension.
Alternative scenario: Above 77.5 look for further upside with 77.7 & 77.85 as targets.
Comment: the pair is under pressure and is approaching its support.« PREVIOUS | NEXT » AUD/USD INTRADAY: CONTINUATION OF THE REBOUND. Pivot: 1.0535
Most Likely Scenario: Long positions above 1.0535 with targets @ 1.0635 & 1.066 in extension.
Alternative scenario: Below 1.0535 look for further downside with 1.0475 & 1.0415 as targets.
Comment: the RSI is supported by a rising trend line.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: THE DOWNSIDE PREVAILS Pivot: 1870.00
Most Likely Scenario: SHORT positions below 1870 with 1810 & 1790 as next targets.
Alternative scenario: The upside breakout of 1870 will open the way to 1920 & 1940.
Comment: the 20 period moving average should maintain downward pressure.« PREVIOUS | NEXT » CRUDE OIL (OCT 11) INTRADAY: FURTHER UPSIDE. Pivot: 85.00
Most Likely Scenario: LONG positions above 85 with targets @ 87.7 & 88.6.
Alternative scenario: The downside penetration of 85 will call for a slide towards 83.5 & 82.
Comment: the RSI is supported by a rising trend line.