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PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 03 OCTOBER 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 DOWNSIDE PREVAILS. |
Pivot: 1.3410.
Most Likely Scenario: SHORT positions @ 1.34 with 1.3285 & 1.326 in sight.
Alternative scenario: The upside penetration of 1.341 will call for a rebound towards 1.3465 & 1.3525.
Comment: The RSI is capped by a declining trend line, the pair has broken below its previous low and remains under pressure.
Trend: ST Consolidation; MT Bearish
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GBP/USD INTRADAY: UNDER PRESSURE. |
Pivot: 1.5600.
Most Likely Scenario: SHORT positions @ 1.559 with 1.549 & 1.5445 as next targets.
Alternative scenario: The upside penetration of 1.56 will call for a rebound towards 1.566 & 1.571.
Comment: The pair has broken below its support and remains under pressure.
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USD/JPY INTRADAY: THE UPSIDE PREVAILS. |
Pivot: 76.75.
Most Likely Scenario: LONG positions above 76.75 with 77.3 & 77.6 in sight.
Alternative scenario: The downside breakout of 76.75 will open the way to 76.5 & 76.3.
Comment: The pair stands above its new support and remains on the upside.
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AUD/USD INTRADAY: KEY ST RESISTANCE AT 0.976. |
Pivot: 0.976
Most Likely Scenario: Short positions below 0.976 with targets @ 0.9575 & 0.95 in extension.
Alternative scenario: Above 0.976 look for further upside with 0.981 & 0.9875 as targets.
Comment: The RSI is capped by a declining trend line.
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GOLD (SPOT) INTRADAY: AIM @ 1590 |
Pivot: 1645.00
Most Likely Scenario: SHORT positions below 1645 with 1590 & 1555 as next targets.
Alternative scenario: The upside breakout of 1645 will open the way to 1670 & 1690.
Comment: The price is challenging a rising trend line, the RSI is mixed to bearish.
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CRUDE OIL (NOV 11) INTRADAY: THE DOWNSIDE PREVAILS. |
Pivot: 79.70
Most Likely Scenario: SHORT positions below 79.7 with targets @ 77.5 & 76.5.
Alternative scenario: The upside breakout of 79.7 will open the way to 81.5 & 84.
Comment: The upward potential is likely to be limited by the resistance at 79.7.
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