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Pre US Open, Daily Technical Analysis Tuesday, February 09, 2016

9 February 2016, 12:48

189

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: 1.1150 Most Likely Scenario: long positions above 1.1150 with targets @ 1.1240 & 1.1310 in extension. Alternative scenario: below 1.1150 look for further downside with 1.1120 & 1.1080 as targets. Comment: the RSI lacks downward momentum.

GBP/USD Intraday: capped by a negative trend line.


	Pivot: 1.4485 Most Likely Scenario: short positions below 1.4485 with targets @ 1.4350 & 1.4280 in extension. Alternative scenario: above 1.4485 look for further upside with 1.4550 & 1.4610 as targets. Comment: The pair is showing a pattern of lower highs and lows.

USD/JPY Intraday: the downside prevails.


	Pivot: 115.85 Most Likely Scenario: short positions below 115.85 with targets @ 114.20 & 113.55 in extension. Alternative scenario: above 115.85 look for further upside with 116.50 & 117.00 as targets. Comment: the RSI is mixed to bearish.

AUD/USD Intraday: the downside prevails.


	Pivot: 0.7105 Most Likely Scenario: short positions below 0.7105 with targets @ 0.7000 & 0.6960 in extension. Alternative scenario: above 0.7105 look for further upside with 0.7150 & 0.7210 as targets. Comment: a break below 0.7000 would trigger a drop towards 0.6960.

Gold spot Intraday: the upside prevails.


	Pivot: 1174.50 Most Likely Scenario: long positions above 1174.50 with targets @ 1211.50 & 1222.00 in extension. Alternative scenario: below 1174.50 look for further downside with 1164.00 & 1152.25 as targets. Comment: the immediate trend remains up and the momentum is strong.

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


	Pivot: 30.72 Most Likely Scenario: short positions below 30.72 with targets @ 29.60 & 28.50 in extension. Alternative scenario: above 30.72 look for further upside with 31.35 & 31.90 as targets. Comment: as long as the resistance at 30.72 is not surpassed, the risk of the break below 29.60 remains high.