Pre European Open, Daily Technical Analysis Friday, January 08, 2016
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Pre European Open, Daily Technical Analysis Friday, January 08, 2016

8 January 2016, 08:24
Mohammed Abdulwadud Soubra
Mohammed Abdulwadud Soubra
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Pre European Open, Daily Technical Analysis   Friday, January 08, 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: the bias remains bullish.
 
 
  
 Pivot: 1.0825

Most Likely Scenario: long positions above 1.0825 with targets @ 1.0945 & 1.099 in extension.

Alternative scenario: below 1.0825 look for further downside with 1.077 & 1.071 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

  
 
 
 GBP/USD Intraday: the upside prevails.
 
 
  
 Pivot: 1.459

Most Likely Scenario: long positions above 1.459 with targets @ 1.468 & 1.4725 in extension.

Alternative scenario: below 1.459 look for further downside with 1.455 & 1.45 as targets.

Comment: the RSI is mixed to bullish.

  
 
 
 USD/JPY Intraday: the upside prevails.
 
 
  
 Pivot: 117.35

Most Likely Scenario: long positions above 117.35 with targets @ 118.8 & 119.3 in extension.

Alternative scenario: below 117.35 look for further downside with 116.75 & 116.1 as targets.

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

  
 
 
 AUD/USD Intraday: the upside prevails.
 


  
 Pivot: 0.6985

Most Likely Scenario: long positions above 0.6985 with targets @ 0.7085 & 0.713 in extension.

Alternative scenario: below 0.6985 look for further downside with 0.693 & 0.69 as targets.

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

  
 
 
 Gold spot Intraday: bullish bias above 1095.
 


  
 Pivot: 1095

Most Likely Scenario: long positions above 1095 with targets @ 1113.2 & 1123 in extension.

Alternative scenario: below 1095 look for further downside with 1084 & 1075 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

  
 
 
 Crude Oil (WTI) (G6) Intraday: further advance.
 
 
  
 Pivot: 32.1

Most Likely Scenario: long positions above 32.1 with targets @ 34.3 & 35.15 in extension.

Alternative scenario: below 32.1 look for further downside with 31 & 30 as targets.

Comment: the RSI broke above a declining trend line.