| Pre US Open, Daily Technical Analysis Tuesday, February 02, 2016 |
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| | | Please note that due to market volatility, some of the below sight prices may have already been reached and scenarios played out. | |
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| | EUR/USD Intraday: limited upside. |
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| |  | | | Pivot: 1.0895
Most Likely Scenario: long positions above 1.0895 with targets @ 1.0925 & 1.094 in extension.
Alternative scenario: below 1.0895 look for further downside with 1.0875 & 1.086 as targets.
Comment: the RSI is mixed with a bullish bias. The pair is supported by a rising trend line but is approaching from strong resistances limiting the upside potential.
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| | GBP/USD Intraday: intraday support around 1.432. |
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| |  | | | Pivot: 1.432
Most Likely Scenario: long positions above 1.432 with targets @ 1.444 & 1.4465 in extension.
Alternative scenario: below 1.432 look for further downside with 1.4245 & 1.4185 as targets.
Comment: the RSI is mixed and calls for caution. The bullish channel resistance currently at 1.4465 is limiting the upside potential.
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| | USD/JPY Intraday: consolidation in place. |
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| |  | | | Pivot: 121.15
Most Likely Scenario: short positions below 121.15 with targets @ 120.3 & 119.6 in extension.
Alternative scenario: above 121.15 look for further upside with 121.7 & 122.2 as targets.
Comment: the RSI lacks upward momentum. The pair is shaping a Rounding Top: a bearish reversal pattern.
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| | AUD/USD Intraday: under pressure. |
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| |  | | | Pivot: 0.709
Most Likely Scenario: short positions below 0.709 with targets @ 0.703 & 0.7 in extension.
Alternative scenario: above 0.709 look for further upside with 0.712 & 0.7174 as targets.
Comment: the break below 0.709 is a negative signal that has opened a path to 0.703.
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| | Gold spot Intraday: the bias remains bullish. |
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| |  | | | Pivot: 1118
Most Likely Scenario: long positions above 1118 with targets @ 1133 & 1138.5 in extension.
Alternative scenario: below 1118 look for further downside with 1111 & 1104.5 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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| | Crude Oil (WTI) (H6) Intraday: under pressure. |
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| |  | | | Pivot: 32.66
Most Likely Scenario: short positions below 32.66 with targets @ 30.7 & 30.12 in extension.
Alternative scenario: above 32.66 look for further upside with 33.38 & 34.4 as targets.
Comment: as long as the resistance at 32.66 is not surpassed, the risk of the break below 30.7 remains high.
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