PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 28 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 ST RESISTANCE AT 1.367 Pivot: 1.3670.
Most Likely Scenario: SHORT positions below 1.367 with 1.3475 & 1.3415 as next targets.
Alternative scenario: The upside penetration of 1.367 will call for a rebound towards 1.375 & 1.38.
Comment: The RSI is breaking below a rising trend line, the pair remains capped by a MT declining trend line and is still under pressure.
Trend: ST Consolidation; MT BearishNEXT » GBP/USD INTRADAY: THE UPSIDE PREVAILS. Pivot: 1.5600.
Most Likely Scenario: LONG positions above 1.56 with 1.57 & 1.575 as next targets.
Alternative scenario: The downside breakout of 1.56 will open the way to 1.553 & 1.5475.
Comment: The pair should post a rebound on its support as the RSI is turning up.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 76.70.
Most Likely Scenario: SHORT positions below 76.7 with 76.4 & 76.25 as next targets.
Alternative scenario: The upside penetration of 76.7 will call for a rebound towards 76.9 & 77.1.
Comment: The pair stands below its resistance and remains under pressure.« PREVIOUS | NEXT » AUD/USD INTRADAY: UNDER PRESSURE. Pivot: 0.9925
Most Likely Scenario: Short positions below 0.9925 with targets @ 0.9825 & 0.975 in extension.
Alternative scenario: Above 0.9925 look for further upside with 1 & 1.0075 as targets.
Comment: The pair is challenging its support, the RSI is mixed to bearish.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: CAUTION. Pivot: 1624.00
Most Likely Scenario: LONG positions above 1624 with 1672 & 1690 as next targets.
Alternative scenario: The downside penetration of 1624 will call for 1585 & 1530.
Comment: The RSI is mixed and calls for caution.« PREVIOUS | NEXT » CRUDE OIL (NOV 11) INTRADAY: THE BIAS REMAINS BULLISH. Pivot: 81.10
Most Likely Scenario: LONG positions above 81.1 with targets @ 84.75 & 85.8.
Alternative scenario: The downside penetration of 81.1 will call for a slide towards 79.2 & 77.5.
Comment: Intraday support around 81.1