Pre European Open, Daily Technical Analysis Thursday, February 04, 2016
Charts

Pre European Open, Daily Technical Analysis Thursday, February 04, 2016

4 February 2016, 08:12
Mohammed Abdulwadud Soubra
Mohammed Abdulwadud Soubra
0
192

Pre European Open, Daily Technical Analysis   Thursday, February 04, 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: further advance.
 
 
  
 Pivot: 1.1

Most Likely Scenario: long positions above 1.1 with targets @ 1.115 & 1.12 in extension.

Alternative scenario: below 1.1 look for further downside with 1.094 & 1.09 as targets.

Comment: technically the RSI is above its neutrality area at 50.

  
 
 
 GBP/USD Intraday: the bias remains bullish.
 

  
 Pivot: 1.452

Most Likely Scenario: long positions above 1.452 with targets @ 1.464 & 1.4685 in extension.

Alternative scenario: below 1.452 look for further downside with 1.444 & 1.438 as targets.

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

  
 
 
 USD/JPY Intraday: the downside prevails.
 

  
 Pivot: 119

Most Likely Scenario: short positions below 119 with targets @ 117 & 116.7 in extension.

Alternative scenario: above 119 look for further upside with 119.65 & 120 as targets.

Comment: as long as 119 is resistance, look for choppy price action with a bearish bias.

  
 
 
 AUD/USD Intraday: the upside prevails.
 
 
  
 Pivot: 0.7115

Most Likely Scenario: long positions above 0.7115 with targets @ 0.719 & 0.7235 in extension.

Alternative scenario: below 0.7115 look for further downside with 0.707 & 0.7035 as targets.

Comment: technically the RSI is above its neutrality area at 50.

  
 
 
 Gold spot Intraday: the upside prevails.
 
 
  
 Pivot: 1131

Most Likely Scenario: long positions above 1131 with targets @ 1148 & 1151 in extension.

Alternative scenario: below 1131 look for further downside with 1123 & 1115 as targets.

Comment: the RSI is mixed to bullish.

  
 
 
 Crude Oil (WTI) (H6) Intraday: rebound.
 

  
 Pivot: 31.29

Most Likely Scenario: long positions above 31.29 with targets @ 33.37 & 33.9 in extension.

Alternative scenario: below 31.29 look for further downside with 30.6 & 29.94 as targets.

Comment: the RSI is mixed with a bullish bias.