Pre European Open, Daily Technical Analysis Monday, March 21, 2016
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: bullish bias above 1.1240.
Pivot: 1.1240
Most Likely Scenario: long positions above 1.1240 with targets @ 1.1305 & 1.1345 in extension.
Alternative scenario: below 1.1240 look for further downside with 1.1200 & 1.1165 as targets.
Comment: a support base at 1.1240 has formed and has allowed for a temporary stabilisation.
[You must be registered and logged in to see this image.]GBP/USD Intraday: the bias remains bullish.
Pivot: 1.4400
Most Likely Scenario: long positions above 1.4400 with targets @ 1.4520 & 1.4610 in extension.
Alternative scenario: below 1.4400 look for further downside with 1.4330 & 1.4290 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
[You must be registered and logged in to see this image.]USD/JPY Intraday: key resistance at 112.30.
Pivot: 112.30
Most Likely Scenario: short positions below 112.30 with targets @ 111.00 & 110.60 in extension.
Alternative scenario: above 112.30 look for further upside with 113.05 & 113.45 as targets.
Comment: the RSI lacks upward momentum.
[You must be registered and logged in to see this image.]AUD/USD Intraday: under pressure.
Pivot: 0.7635
Most Likely Scenario: short positions below 0.7635 with targets @ 0.7520 & 0.7475 in extension.
Alternative scenario: above 0.7635 look for further upside with 0.7680 & 0.7715 as targets.
Comment: the RSI is mixed to bearish.
[You must be registered and logged in to see this image.]Gold spot Intraday: under pressure.
Pivot: 1259.00
Most Likely Scenario: short positions below 1259.00 with targets @ 1235.00 & 1225.00 in extension.
Alternative scenario: above 1259.00 look for further upside with 1271.00 & 1284.00 as targets.
Comment: the RSI is capped by a declining trend line.
[You must be registered and logged in to see this image.]Crude Oil (WTI) (J6) Intraday: under pressure.
Pivot: 40.00
Most Likely Scenario: short positions below 40.00 with targets @ 38.25 & 37.73 in extension.
Alternative scenario: above 40.00 look for further upside with 41.20 & 42.15 as targets.
Comment: the RSI is bearish and calls for further decline.
[You must be registered and logged in to see this image.]Copyright
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