PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 12 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: THE DOWNSIDE PREVAILS. Pivot: 1.3650.
Most Likely Scenario: SHORT positions @ 1.364 with 1.341 & 1.338 as next targets.
Alternative scenario: The upside breakout of 1.365 will open the way to 1.372 & 1.3785.
Comment: The RSI is capped by a declining trend line, the pair stands below its new resistance and remains under pressure.
Trend: ST Ltd Downside; MT RangeNEXT » GBP/USD INTRADAY: KEY ST RESISTANCE AT 1.59 Pivot: 1.5900.
Most Likely Scenario: SHORT positions @ 1.589 with 1.581 & 1.575 in sight.
Alternative scenario: The upside penetration of 1.59 will call for a rebound towards 1.597 & 1.6.
Comment: The pair remains capped by a key declining trend line and in an intraday bearish channel.« PREVIOUS | NEXT » USD/JPY INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 77.45.
Most Likely Scenario: SHORT positions @ 77.35 with 76.7 & 76.4 as next targets.
Alternative scenario: The upside penetration of 77.45 will call for a rebound towards 77.65 & 77.9.
Comment: The pair has broken below an ascending channel support.« PREVIOUS | NEXT » AUD/USD INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 1.0425
Most Likely Scenario: Short positions below 1.0425 with targets @ 1.03 & 1.0285 in extension.
Alternative scenario: Above 1.0425 look for further upside with 1.0465 & 1.0485 as targets.
Comment: The RSI is capped by a bearish trend line.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: KEY ST RESISTANCE AT 1870 Pivot: 1870.00
Most Likely Scenario: SHORT positions below 1870 with targets @ 1825 & 1795.
Alternative scenario: The upside penetration of 1870 will call for 1886 & 1900.
Comment: The index currently faces a challenging resistance area at 1870.« PREVIOUS | NEXT » CRUDE OIL (OCT 11) INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 86.35
Most Likely Scenario: SHORT positions below 86.35 with 85 & 84.4 as next targets.
Alternative scenario: The upside penetration of 86.35 will call for a rebound towards 88.25 & 89.4.
Comment: The RSI is capped by a bearish trend line.