PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 22 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: 1.3610.
Most Likely Scenario: SHORT positions @ 1.36 with targets @ 1.3495 & 1.345.
Alternative scenario: The upside penetration of 1.361 will call for 1.37 & 1.38.
Comment: The pair remains on the downside and is approaching its previous low.
Trend: ST Consolidation; MT BearishNEXT » GBP/USD INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 1.5520.
Most Likely Scenario: SHORT positions @ 1.551 with 1.5425 & 1.537 as next targets.
Alternative scenario: The upside penetration of 1.552 will call for a rebound towards 1.5575 & 1.5635.
Comment: The pair stands below its new resistance (former support) and remains on the downside.« PREVIOUS | NEXT » USD/JPY INTRADAY: KEY ST RESISTANCE AT 77 Pivot: 77.00.
Most Likely Scenario: SHORT positions @ 76.95 with 76.5 & 76.25 in sight.
Alternative scenario: The upside penetration of 77 will call for 77.25 & 77.4.
Comment: The pair has struck against its strong resistance and should face a weakness.« PREVIOUS | NEXT » AUD/USD INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 1.015
Most Likely Scenario: Short positions below 1.015 with targets @ 0.997 & 0.9915 in extension.
Alternative scenario: Above 1.015 look for further upside with 1.025 & 1.0315 as targets.
Comment: The RSI is capped by a bearish trend line.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: KEY ST RESISTANCE AT 1810 Pivot: 1810.00
Most Likely Scenario: SHORT positions below 1810 with 1745 & 1725 in sight.
Alternative scenario: The upside penetration of 1810 will call for a rebound towards 1825 & 1840.
Comment: The validation of a symmetrical triangle calls for a new down leg.« PREVIOUS | NEXT » CRUDE OIL (NOV 11) INTRADAY: UNDER PRESSURE. Pivot: 85.25
Most Likely Scenario: SHORT positions below 85.25 with targets @ 83.75 & 82.85.
Alternative scenario: The upside penetration of 85.25 will call for a rebound towards 86.55 & 87.5.
Comment: The RSI is bearish and calls for further downside.