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Pre European Open, Daily Technical Analysis Thursday, January 07, 2016

7 January 2016, 08:15

208

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 upside prevails.


	Pivot: 1.0745 Most Likely Scenario: long positions above 1.0745 with targets @ 1.084 & 1.0885 in extension. Alternative scenario: below 1.0745 look for further downside with 1.0705 & 1.067 as targets. Comment: the RSI is supported by a rising trend line.

GBP/USD Intraday: the downside prevails.


	Pivot: 1.468 Most Likely Scenario: short positions below 1.468 with targets @ 1.459 & 1.456 in extension. Alternative scenario: above 1.468 look for further upside with 1.4725 & 1.4755 as targets. Comment: The pair is trading within a bearish channel.

USD/JPY Intraday: the downside prevails.


	Pivot: 118.8 Most Likely Scenario: short positions below 118.8 with targets @ 117.6 & 117.25 in extension. Alternative scenario: above 118.8 look for further upside with 119.3 & 119.7 as targets. Comment: the RSI is mixed to bearish.

AUD/USD Intraday: the downside prevails.


	Pivot: 0.709 Most Likely Scenario: short positions below 0.709 with targets @ 0.7015 & 0.699 in extension. Alternative scenario: above 0.709 look for further upside with 0.7135 & 0.7175 as targets. Comment: a break below 0.7015 would trigger a drop towards 0.699.

Gold spot Intraday: further advance.


	Pivot: 1086 Most Likely Scenario: long positions above 1086 with targets @ 1104 & 1110 in extension. Alternative scenario: below 1086 look for further downside with 1082 & 1075 as targets. Comment: the RSI is mixed to bullish.

Crude Oil (WTI) (G6) Intraday: under pressure.


	Pivot: 34.3 Most Likely Scenario: short positions below 34.3 with targets @ 32.05 & 31 in extension. Alternative scenario: above 34.3 look for further upside with 35.15 & 35.78 as targets. Comment: the RSI has broken down its 30 level.