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Pre US Open, Daily Technical Analysis Monday, November 16, 2015

16 November 2015, 14:11

Mohammed Abdulwadud Soubra

132

Pre US Open, Daily Technical Analysis Monday, November 16, 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 downside prevails.


	Pivot: 1.077 Most Likely Scenario: Short positions below 1.077 with targets @ 1.067 & 1.0625 in extension. Alternative scenario: Above 1.077 look for further upside with 1.083 & 1.086 as targets. Comment: As long as 1.077 is resistance, look for choppy price action with a bearish bias.

GBP/USD Intraday: the bias remains bullish.


	Pivot: 1.517 Most Likely Scenario: Long positions above 1.517 with targets @ 1.524 & 1.5275 in extension. Alternative scenario: Below 1.517 look for further downside with 1.514 & 1.5095 as targets. Comment: The RSI lacks downward momentum.

USD/JPY Intraday: under pressure.


	Pivot: 123.05 Most Likely Scenario: Short positions below 123.05 with targets @ 122.35 & 122 in extension. Alternative scenario: Above 123.05 look for further upside with 123.4 & 123.6 as targets. Comment: As long as 123.05 is resistance, look for choppy price action with a bearish bias.

AUD/USD Intraday: the bias remains bullish.


	Pivot: 0.708 Most Likely Scenario: Long positions above 0.708 with targets @ 0.715 & 0.717 in extension. Alternative scenario: Below 0.708 look for further downside with 0.704 & 0.7015 as targets. Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Gold spot Intraday: further advance.


	Pivot: 1080 Most Likely Scenario: Long positions above 1080 with targets @ 1103 & 1112 in extension. Alternative scenario: Below 1080 look for further downside with 1074 & 1067 as targets. Comment: The RSI is mixed to bullish.

Crude Oil (WTI) (Z5) Intraday: capped by a negative trend line.


	Pivot: 42.2 Most Likely Scenario: Short positions below 42.2 with targets @ 40.08 & 39.2 in extension. Alternative scenario: Above 42.2 look for further upside with 42.86 & 43.3 as targets. Comment: As long as 42.2 is resistance, likely decline to 40.08.