Daily Technical Analysis Tue, May 09, 2017
* 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: under pressure.
Pivot: 1.0950
Most Likely Scenario: short positions below 1.0950 with targets at 1.0900 & 1.0880 in extension.
Alternative scenario: above 1.0950 look for further upside with 1.0970 & 1.0995 as targets.
Comment: as long as 1.0950 is resistance, look for choppy price action with a bearish bias.
GBP/USD Intraday: as long as the resistance at 1.2965 is not surpassed, the risk of the break below 1.2925 remains high.
Pivot: 1.2965
Most Likely Scenario: short positions below 1.2965 with targets at 1.2925 & 1.2900 in extension.
Alternative scenario: above 1.2965 look for further upside with 1.2990 & 1.3020 as targets.
Comment: as long as the resistance at 1.2965 is not surpassed, the risk of the break below 1.2925 remains high.
USD/JPY Intraday: the RSI shows upside momentum.
Pivot: 112.85
Most Likely Scenario: long positions above 112.85 with targets at 113.45 & 113.65 in extension.
Alternative scenario: below 112.85 look for further downside with 112.65 & 112.45 as targets.
Comment: the RSI shows upside momentum.
AUD/USD Intraday: the RSI shows downside momentum.
Pivot: 0.7400
Most Likely Scenario: short positions below 0.7400 with targets at 0.7335 & 0.7300 in extension.
Alternative scenario: above 0.7400 look for further upside with 0.7425 & 0.7445 as targets.
Comment: the RSI shows downside momentum.
Gold spot Intraday: a support base at 1225.30 has formed and has allowed for a temporary stabilisation.
Pivot: 1225.30
Most Likely Scenario: long positions above 1225.30 with targets at 1232.50 & 1236.00 in extension.
Alternative scenario: below 1225.30 look for further downside with 1220.50 & 1216.00 as targets.
Comment: a support base at 1225.30 has formed and has allowed for a temporary stabilisation.
Pivot: 1.0950
Most Likely Scenario: short positions below 1.0950 with targets at 1.0900 & 1.0880 in extension.
Alternative scenario: above 1.0950 look for further upside with 1.0970 & 1.0995 as targets.
Comment: as long as 1.0950 is resistance, look for choppy price action with a bearish bias.
GBP/USD Intraday: as long as the resistance at 1.2965 is not surpassed, the risk of the break below 1.2925 remains high.
Pivot: 1.2965
Most Likely Scenario: short positions below 1.2965 with targets at 1.2925 & 1.2900 in extension.
Alternative scenario: above 1.2965 look for further upside with 1.2990 & 1.3020 as targets.
Comment: as long as the resistance at 1.2965 is not surpassed, the risk of the break below 1.2925 remains high.
USD/JPY Intraday: the RSI shows upside momentum.
Pivot: 112.85
Most Likely Scenario: long positions above 112.85 with targets at 113.45 & 113.65 in extension.
Alternative scenario: below 112.85 look for further downside with 112.65 & 112.45 as targets.
Comment: the RSI shows upside momentum.
AUD/USD Intraday: the RSI shows downside momentum.
Pivot: 0.7400
Most Likely Scenario: short positions below 0.7400 with targets at 0.7335 & 0.7300 in extension.
Alternative scenario: above 0.7400 look for further upside with 0.7425 & 0.7445 as targets.
Comment: the RSI shows downside momentum.
Gold spot Intraday: a support base at 1225.30 has formed and has allowed for a temporary stabilisation.
Pivot: 1225.30
Most Likely Scenario: long positions above 1225.30 with targets at 1232.50 & 1236.00 in extension.
Alternative scenario: below 1225.30 look for further downside with 1220.50 & 1216.00 as targets.
Comment: a support base at 1225.30 has formed and has allowed for a temporary stabilisation.
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