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PRE US OPEN, DAILY TECHNICAL ANALYSIS, 24 AUGUST 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: THE UPSIDE PREVAILS. |
Pivot: 1.438
Most Likely Scenario: Long positions above 1.438 with targets @ 1.448 & 1.4515 in extension.
Alternative scenario: Below 1.438 look for further downside with 1.4345 & 1.4295 as targets.
Comment: The pair has rebounded on its support and should reach its previous high.
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GBP/USD INTRADAY: INTRADAY SUPPORT AROUND 1.6475. |
Pivot: 1.6475
Most Likely Scenario: Long positions above 1.6475 with targets @ 1.6575 & 1.66 in extension.
Alternative scenario: Below 1.6475 look for further downside with 1.6435 & 1.6410 as targets.
Comment: The pair is rebounding on its support as the RSI is turning up.
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USD/JPY INTRADAY: UNDER PRESSURE. |
Pivot: 76.9
Most Likely Scenario: Short positions below 76.9 with targets @ 76.4 & 76.2 in extension.
Alternative scenario: Above 76.9 look for further upside with 77 & 77.25 as targets.
Comment: The RSI is badly directed, the pair is under pressure and is approaching its support.
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AUD/USD INTRADAY: BULLISH BIAS ABOVE 1.0435. |
Pivot: 1.0435
Most Likely Scenario: Long positions above 1.0435 with targets @ 1.0535 & 1.06 in extension.
Alternative scenario: Below 1.0435 look for further downside with 1.039 & 1.0315 as targets.
Comment: The RSI calls for a rebound.
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GOLD (SPOT) INTRADAY: THE DOWNSIDE PREVAILS. |
Pivot: 1870.00
Most Likely Scenario: SHORT positions below 1870 with 1825 & 1815 in sight.
Alternative scenario: The upside breakout of 1870 will open the way to 1913 & 1940.
Comment: Intraday moving averages are turning down and should maintain downward pressure.
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CRUDE OIL (OCT 11) INTRADAY: THE BIAS REMAINS BULLISH. |
Pivot: 84.50
Most Likely Scenario: LONG positions @ 85.6 with targets @ 86.05 & 87.
Alternative scenario: The downside penetration of 84.5 will call for a slide towards 83.75 & 82.
Comment: The RSI lacks downward momentum. Key level to watch is at 86.
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