Pre US Open, Daily Technical Analysis   Friday, February 05, 2016

Pre US Open, Daily Technical Analysis Friday, February 05, 2016

5 February 2016, 12:43
Mohammed Abdulwadud Soubra
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Pre US Open, Daily Technical Analysis   Friday, February 05, 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: bullish bias above 1.115.
 
 
  
 Pivot: 1.115

Most Likely Scenario: long positions above 1.115 with targets @ 1.124 & 1.131 in extension.

Alternative scenario: below 1.115 look for further downside with 1.1115 & 1.107 as targets.

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

  
 
 
 GBP/USD Intraday: intraday support around 1.451.
 
 
  
 Pivot: 1.451

Most Likely Scenario: long positions above 1.451 with targets @ 1.461 & 1.466 in extension.

Alternative scenario: below 1.451 look for further downside with 1.448 & 1.444 as targets.

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

  
 
 
 USD/JPY Intraday: under pressure.
 
 
  
 Pivot: 117.35

Most Likely Scenario: short positions below 117.35 with targets @ 116.5 & 116 in extension.

Alternative scenario: above 117.35 look for further upside with 117.8 & 118.25 as targets.

Comment: as long as 117.35 is resistance, look for choppy price action with a bearish bias. Caution: The 116 daily strong supports is expected to favour a rebound.

  
 
 
 AUD/USD Intraday: bullish bias above 0.715.
 
 
  
 Pivot: 0.715

Most Likely Scenario: long positions above 0.715 with targets @ 0.7225 & 0.7245 in extension.

Alternative scenario: below 0.715 look for further downside with 0.7115 & 0.707 as targets.

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

  
 
 
 Gold spot Intraday: the upside prevails.
 
 
  
 Pivot: 1147.5

Most Likely Scenario: long positions above 1147.5 with targets @ 1160 & 1166 in extension.

Alternative scenario: below 1147.5 look for further downside with 1141 & 1136.6 as targets.

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

  
 
 
 Crude Oil (WTI) (H6) Intraday: under pressure.
 
 
  
 Pivot: 32.95

Most Likely Scenario: short positions below 32.95 with targets @ 30.6 & 30 in extension.

Alternative scenario: above 32.95 look for further upside with 33.6 & 34.43 as targets.

Comment: as long as 32.95 is resistance, likely decline to 30.6.

  
 
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