Pre European Open, Daily Technical Analysis Friday, August 14, 2015
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 bias remains bullish.
Pivot: 1.109
Most Likely Scenario: Long positions above 1.109 with targets @ 1.117 & 1.1215 in extension.
Alternative scenario: Below 1.109 look for further downside with 1.103 & 1.098 as targets.
Comment: The RSI is mixed to bullish.
GBP/USD Intraday: under pressure.
Pivot: 1.564
Most Likely Scenario: Short positions below 1.564 with targets @ 1.557 & 1.554 in extension.
Alternative scenario: Above 1.564 look for further upside with 1.5675 & 1.571 as targets.
Comment: As long as the resistance at 1.564 is not surpassed, the risk of the break below 1.557 remains high.
USD/JPY Intraday: under pressure.
Pivot: 124.7
Most Likely Scenario: Short positions below 124.7 with targets @ 124.05 & 123.8 in extension.
Alternative scenario: Above 124.7 look for further upside with 125 & 125.3 as targets.
Comment: As long as 124.7 is resistance, look for choppy price action with a bearish bias
AUD/USD Intraday: key resistance at 0.739.
Pivot: 0.739
Most Likely Scenario: Short positions below 0.739 with targets @ 0.732 & 0.727 in extension.
Alternative scenario: Above 0.739 look for further upside with 0.743 & 0.749 as targets.
Comment: The RSI lacks upward momentum
Gold spot Intraday: bullish bias above 1108.8.
Pivot: 1108.8
Most Likely Scenario: Long positions above 1108.8 with targets @ 1127 & 1135 in extension.
Alternative scenario: Below 1108.8 look for further downside with 1101.3 & 1093.7 as targets.
Comment: A support base at 1108.8 has formed and has allowed for a temporary stabilisation
Crude Oil (WTI) (U5) Intraday: under pressure.
Pivot: 43.15
Most Likely Scenario: Short positions below 43.15 with targets @ 41.33 & 40.9 in extension.
Alternative scenario: Above 43.15 look for further upside with 43.87 & 44.4 as targets.
Comment: As long as 43.15 is resistance, likely decline to 41.33.
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