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PRE US OPEN, DAILY TECHNICAL ANALYSIS, 08 SEPTEMBER 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: CAPPED BY A NEGATIVE TREND LINE. |
Pivot: 1.411
Most Likely Scenario: Short positions below 1.411 with targets @ 1.401 & 1.3975 in extension.
Alternative scenario: Above 1.411 look for further upside with 1.415 & 1.42 as targets.
Comment: The pair is capped by a declining trend line and is shaping a triangle pattern.
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GBP/USD INTRADAY: CAPPED BY A NEGATIVE TREND LINE. |
Pivot: 1.6
Most Likely Scenario: Short positions below 1.6 with targets @ 1.5915 & 1.5875 in extension.
Alternative scenario: Above 1.6 look for further upside with 1.6055 & 1.61 as targets.
Comment: The pair remains capped by a declining trend line and is approaching its support.
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USD/JPY INTRADAY: UNDER PRESSURE. |
Pivot: 77.5
Most Likely Scenario: Short positions below 77.5 with targets @ 77.2 & 77.05 in extension.
Alternative scenario: Above 77.5 look for further upside with 77.7 & 77.85 as targets.
Comment: The pair stands below its new resistance.
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AUD/USD INTRADAY: UNDER PRESSURE. |
Pivot: 1.066
Most Likely Scenario: Short positions below 1.066 with targets @ 1.0575 & 1.0525 in extension.
Alternative scenario: Above 1.066 look for further upside with 1.0685 & 1.0725 as targets.
Comment: The upward potential is likely to be limited by the resistance at 1.066.
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GOLD (SPOT) INTRADAY: KEY ST RESISTANCE AT 1865 |
Pivot: 1865.00
Most Likely Scenario: SHORT positions below 1865 with 1800 & 1775 in sight.
Alternative scenario: The upside breakout of 1865 will open the way to 1920 & 1940.
Comment: The RSI is capped by a declining trend line.
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CRUDE OIL (OCT 11) INTRADAY: FURTHER UPSIDE. |
Pivot: 88.50
Most Likely Scenario: LONG positions above 88.5 with 90.5 & 91.45 in sight.
Alternative scenario: The downside penetration of 88.5 will call for a slide towards 87.7 & 86.6.
Comment: The rising 50MA maintains upward pressure.
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