PRE US OPEN, DAILY TECHNICAL ANALYSIS, 09 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: 1.3935
Most Likely Scenario: Short positions below 1.3935 with targets @ 1.375 & 1.3695 in extension.
Alternative scenario: Above 1.3935 look for further upside with 1.397 & 1.402 as targets.
Comment: The pair has broken below its support and remains on the downside as the RSI is badly directed.NEXT » GBP/USD INTRADAY: CAPPED BY A NEGATIVE TREND LINE. Pivot: 1.6025
Most Likely Scenario: Short positions below 1.6025 with targets @ 1.5915 & 1.5875 in extension.
Alternative scenario: Above 1.6025 look for further upside with 1.6075 & 1.614 as targets.
Comment: The pair has struck against its declining trend line and remains on the downside.« PREVIOUS | NEXT » USD/JPY INTRADAY: THE UPSIDE PREVAILS. Pivot: 77.3
Most Likely Scenario: Long positions above 77.3 with targets @ 77.7 & 77.85 in extension.
Alternative scenario: Below 77.3 look for further downside with 77.05 & 76.8 as targets.
Comment: The pair stands above its new support and remains on the upside.« PREVIOUS | NEXT » AUD/USD INTRADAY: UNDER PRESSURE. Pivot: 1.06
Most Likely Scenario: Short positions below 1.06 with targets @ 1.0525 & 1.048 in extension.
Alternative scenario: Above 1.06 look for further upside with 1.064 & 1.066 as targets.
Comment: The RSI calls for a new downleg.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: KEY ST RESISTANCE AT 1886 Pivot: 1886.00
Most Likely Scenario: SHORT positions below 1886 with targets @ 1810 & 1795.
Alternative scenario: The upside breakout of 1886 will open the way to 1900 & 1920.
Comment: The immediate trend remains down and the momentum is strong.« PREVIOUS | NEXT » CRUDE OIL (OCT 11) INTRADAY: THE BIAS REMAINS BULLISH. Pivot: 87.70
Most Likely Scenario: LONG positions above 87.7 with 89.4 & 90.5 in sight.
Alternative scenario: The downside penetration of 87.7 will call for 86.6 & 85.5.
Comment: A bullish flag is taking place which advocates for further upside.