Pre European Open, Daily Technical Analysis Monday, May 16, 2016
EUR/USD Intraday: key resistance at 1.1365.
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Pivot: 1.1365
Most Likely Scenario: short positions below 1.1365 with targets @ 1.1280 & 1.1245 in extension.
Alternative scenario: above 1.1365 look for further upside with 1.1390 & 1.1415 as targets.
Comment: as long as the resistance at 1.1365 is not surpassed, the risk of the break below 1.1280 remains high.
GBP/USD Intraday: the downside prevails.
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Pivot: 1.4425
Most Likely Scenario: short positions below 1.4425 with targets @ 1.4320 & 1.4285 in extension
Alternative scenario: above 1.4425 look for further upside with 1.4465 & 1.4490 as targets.
Comment: as long as 1.4425 is resistance, look for choppy price action with a bearish bias.
USD/JPY Intraday: bullish bias above 108.20.
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Pivot: 108.20
Most Likely Scenario: long positions above 108.20 with targets @ 109.40 & 109.90 in extension.
Alternative scenario: below 108.20 look for further downside with 107.40 & 107.00 as targets.
Comment: the RSI lacks downward momentum.
AUD/USD Intraday: under pressure.
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Pivot: 0.7310
Most Likely Scenario: short positions below 0.7310 with targets @ 0.7245 & 0.7220 in extension.
Alternative scenario: above 0.7310 look for further upside with 0.7335 & 0.7370 as targets.
Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Gold spot Intraday: range.
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Pivot: 1279.00
Most Likely Scenario: short positions below 1279.00 with targets @ 1265.30 & 1261.00 in extension.
Alternative scenario: above 1279.00 look for further upside with 1283.00 & 1288.00 as targets.
Comment: Gold is moving sideways between its key resistance at 1279 and key support at 1261.
Crude Oil (WTI) (M6) Intraday: further advance.
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Pivot: 45.80
Most Likely Scenario: long positions above 45.80 with targets @ 47.70 & 48.15 in extension.
Alternative scenario: below 45.80 look for further downside with 44.92 & 44.05 as targets.
Comment: the RSI is mixed with a bullish bias.