Pre European Open, Daily Technical Analysis   Tuesday, January 12, 2016

Pre European Open, Daily Technical Analysis Tuesday, January 12, 2016

12 January 2016, 08:08
Mohammed Abdulwadud Soubra
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Pre European Open, Daily Technical Analysis   Tuesday, January 12, 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 1.0905.
 
 
  
 Pivot: 1.0905

Most Likely Scenario: short positions below 1.0905 with targets @ 1.0825 & 1.08 in extension.

Alternative scenario: above 1.0905 look for further upside with 1.0945 & 1.097 as targets.

Comment: as long as 1.0905 is resistance, look for choppy price action with a bearish bias.

  
 
 
 GBP/USD Intraday: the bias remains bullish.
 


 
  
 Pivot: 1.451

Most Likely Scenario: long positions above 1.451 with targets @ 1.46 & 1.4645 in extension.

Alternative scenario: below 1.451 look for further downside with 1.445 & 1.44 as targets.

Comment: a support base at 1.451 has formed and has allowed for a temporary stabilisation.

  
 
 
 USD/JPY Intraday: key resistance at 117.95.
 
 
  
 Pivot: 117.95

Most Likely Scenario: short positions below 117.95 with targets @ 117.15 & 116.7 in extension.

Alternative scenario: above 117.95 look for further upside with 118.8 & 119.3 as targets.

Comment: the upward potential is likely to be limited by the resistance at 117.95.

  
 
 
 AUD/USD Intraday: rebound expected.
 
 
  
 Pivot: 0.6955

Most Likely Scenario: long positions above 0.6955 with targets @ 0.704 & 0.7085 in extension.

Alternative scenario: below 0.6955 look for further downside with 0.6925 & 0.69 as targets.

Comment: a support base at 0.6955 has formed and has allowed for a temporary stabilisation.

  
 
 
 Gold spot Intraday: key resistance at 1105.
 
 
  
 Pivot: 1105

Most Likely Scenario: short positions below 1105 with targets @ 1091 & 1086 in extension.

Alternative scenario: above 1105 look for further upside with 1114 & 1121 as targets.

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

  
 
 
 Crude Oil (WTI) (G6) Intraday: capped by a negative trend line.
 
 
  
 Pivot: 32.3

Most Likely Scenario: short positions below 32.3 with targets @ 30 & 29.05 in extension.

Alternative scenario: above 32.3 look for further upside with 33.78 & 35.15 as targets.

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

  
 
 
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