Pre European Open, Daily Technical Analysis Thursday, May 05, 2016
EUR/USD Intraday: under pressure.
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Pivot: 1.1540
Most Likely Scenario: short positions below 1.1540 with targets @ 1.1450 & 1.1415 in extension.
Alternative scenario: above 1.1540 look for further upside with 1.1600 & 1.1660 as targets.
Comment: the RSI is mixed to bearish.
GBP/USD Intraday: under pressure.
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Pivot: 1.4575
Most Likely Scenario: short positions below 1.4575 with targets @ 1.4465 & 1.4400 in extension.
Alternative scenario: above 1.4575 look for further upside with 1.4620 & 1.4660 as targets.
Comment: even though a continuation of the
technical rebound cannot be ruled out, its extent should be limited.
USD/JPY Intraday: the upside prevails.
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Pivot: 106.10
Most Likely Scenario: long positions above 106.10 with targets @ 107.45 & 107.85 in extension.
Alternative scenario: below 106.10 look for further downside with 105.50 & 105.00 as targets.
Comment: the RSI is mixed to bullish.
AUD/USD Intraday: under pressure.
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Pivot: 0.7520
Most Likely Scenario: short positions below 0.7520 with targets @ 0.7440 & 0.7410 in extension.
Alternative scenario: above 0.7520 look for further upside with 0.7550 & 0.7590 as targets.
Comment: even though a continuation of the
technical rebound cannot be ruled out, its extent should be limited.
Gold spot Intraday: under pressure.
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Pivot: 1289.70
Most Likely Scenario: short positions below 1289.70 with targets @ 1271.50 & 1264.00 in extension.
Alternative scenario: above 1289.70 look for further upside with 1301.50 & 1314.00 as targets.
Comment: the RSI lacks upward momentum.
Crude Oil (WTI) (M6) Intraday: key resistance at 44.90.
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Pivot: 44.90
Most Likely Scenario: short positions below 44.90 with targets @ 44.00 & 43.30 in extension.
Alternative scenario: above 44.90 look for further upside with 45.35 & 46.00 as targets.
Comment: as long as 44.90 is resistance, expect a return to 44.00.