PRE US OPEN, DAILY TECHNICAL ANALYSIS, 23 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: KEY RESISTANCE AT 1.3575. Pivot: 1.3575
Most Likely Scenario: Short positions below 1.3575 with targets @ 1.345 & 1.3385 in extension.
Alternative scenario: Above 1.3575 look for further upside with 1.363 & 1.37 as targets.
Comment: The pair has struck against its resistance and should face a weakness as the RSI is turning down.NEXT » GBP/USD INTRADAY: UNDER PRESSURE. Pivot: 1.552
Most Likely Scenario: Short positions below 1.552 with targets @ 1.537 & 1.5325 in extension.
Alternative scenario: Above 1.552 look for further upside with 1.5575 & 1.563 as targets.
Comment: The pair is posting a rebound but stands below its new strong resistance (50% Fibonacci retracement of the previous down move).« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 76.55
Most Likely Scenario: Short positions below 76.55 with targets @ 76.1 & 75.95 in extension.
Alternative scenario: Above 76.55 look for further upside with 76.7 & 77 as targets.
Comment: The pair is under pressure and is approaching its suppport.« PREVIOUS | NEXT » AUD/USD INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 0.987
Most Likely Scenario: Short positions below 0.987 with targets @ 0.969 & 0.9545 in extension.
Alternative scenario: Above 0.987 look for further upside with 0.998 & 1.008 as targets.
Comment: The pair stands below its resistance and remains under pressure.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: KEY ST RESISTANCE AT 1756 Pivot: 1756.00
Most Likely Scenario: SHORT positions below 1756 with targets @ 1703 & 1682.
Alternative scenario: The upside penetration of 1756 will call for a rebound towards 1784 & 1800.
Comment: The RSI is capped by a bearish trend line.« PREVIOUS | NEXT » CRUDE OIL (NOV 11) INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 82.20
Most Likely Scenario: SHORT positions below 82.2 with 78.65 & 77.5 as next targets.
Alternative scenario: The upside penetration of 82.2 will call for a rebound towards 83.4 & 84.9.
Comment: The 50MA maintains downward pressure.