Pre European Open, Daily Technical Analysis   Wednesday, March 23, 2016

Pre European Open, Daily Technical Analysis Wednesday, March 23, 2016

23 March 2016, 08:17
Mohammed Abdulwadud Soubra
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Pre European Open, Daily Technical Analysis   Wednesday, March 23, 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: key resistance at 1.1245.
 
 
  
 Pivot: 1.1245

Most Likely Scenario: short positions below 1.1245 with targets @ 1.1165 & 1.1120 in extension.

Alternative scenario: above 1.1245 look for further upside with 1.1290 & 1.1345 as targets.

Comment: The pair remains within a bearish channel.

  
 
 
 GBP/USD Intraday: under pressure.
  
 
 
  
 Pivot: 1.4290

Most Likely Scenario: short positions below 1.4290 with targets @ 1.4140 & 1.4050 in extension.

Alternative scenario: above 1.4290 look for further upside with 1.4360 & 1.4405 as targets.

Comment: as long as the resistance at 1.4290 is not surpassed, the risk of the break below 1.4140 remains high. 

  
 
 
 USD/JPY Intraday: the upside prevails.
 
 
  
 Pivot: 111.75

Most Likely Scenario: long positions above 111.75 with targets @ 112.95 & 113.30 in extension.

Alternative scenario: below 111.75 look for further downside with 111.35 & 111.00 as targets.

Comment: the RSI is bullish and calls for further upside.

  
 
 
 AUD/USD Intraday: intraday support around 0.7565.
 
 
  
 Pivot: 0.7565

Most Likely Scenario: long positions above 0.7565 with targets @ 0.7680 & 0.7715 in extension.

Alternative scenario: below 0.7565 look for further downside with 0.7520 & 0.7475 as targets.

Comment: technically the RSI is above its neutrality area at 50.

  
 
 
 Gold spot Intraday: the downside prevails.
 
 
  
 Pivot: 1249.00

Most Likely Scenario: short positions below 1249.00 with targets @ 1225.00 & 1220.00 in extension.

Alternative scenario: above 1249.00 look for further upside with 1260.00 & 1266.00 as targets.

Comment: the RSI is bearish and calls for further downside.

  
 
 
 Crude Oil (WTI) (K6) Intraday: rebound expected.
 
 


 Pivot: 40.40

Most Likely Scenario: long positions above 40.40 with targets @ 42.50 & 43.00 in extension.

Alternative scenario: below 40.40 look for further downside with 39.80 & 39.10 as targets.

Comment: the RSI lacks downward momentum.

  
 
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