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Pre European Open, Daily Technical Analysis Wednesday, January 06, 2016

6 January 2016, 08:13

167

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 1.08.


	Pivot: 1.08 Most Likely Scenario: short positions below 1.08 with targets @ 1.0705 & 1.067 in extension. Alternative scenario: above 1.08 look for further upside with 1.084 & 1.0865 as targets. Comment: technically the RSI is below its neutrality area at 50.

GBP/USD Intraday: the downside prevails.


	Pivot: 1.47 Most Likely Scenario: short positions below 1.47 with targets @ 1.4635 & 1.459 in extension. Alternative scenario: above 1.47 look for further upside with 1.4725 & 1.4755 as targets. Comment: the RSI is mixed to bearish.

USD/JPY Intraday: the downside prevails.


	Pivot: 119.3 Most Likely Scenario: short positions below 119.3 with targets @ 118.25 & 117.95 in extension. Alternative scenario: above 119.3 look for further upside with 119.7 & 119.95 as targets. Comment: the RSI is mixed to bearish.

AUD/USD Intraday: the downside prevails.


	Pivot: 0.7175 Most Likely Scenario: short positions below 0.7175 with targets @ 0.71 & 0.707 in extension. Alternative scenario: above 0.7175 look for further upside with 0.7215 & 0.724 as targets. Comment: the RSI is badly directed.

Gold spot Intraday: bullish bias above 1074.7.


	Pivot: 1074.7 Most Likely Scenario: long positions above 1074.7 with targets @ 1082 & 1083.6 in extension. Alternative scenario: below 1074.7 look for further downside with 1072.5 & 1070 as targets. Comment: a support base at 1074.7 has formed and has allowed for a temporary stabilisation.

Crude Oil (WTI) (G6) Intraday: key resistance at 37.


	Pivot: 37 Most Likely Scenario: short positions below 37 with targets @ 35.73 & 35.35 in extension. Alternative scenario: above 37 look for further upside with 37.45 & 38.3 as targets. Comment: the RSI is mixed with a bearish bias.