Pre US Open, Daily Technical Analysis   Wednesday, April 06, 2016

Pre US Open, Daily Technical Analysis Wednesday, April 06, 2016

6 April 2016, 12:26
Mohammad Soubra
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Pre US Open, Daily Technical Analysis   Wednesday, April 06, 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: under pressure.
 
 
  
 Pivot: 1.1385

Most Likely Scenario: short positions below 1.1385 with targets @ 1.1340 & 1.1310 in extension.

Alternative scenario: above 1.1385 look for further upside with 1.1415 & 1.1435 as targets.

Comment: the RSI is badly directed.

  
 
 
 GBP/USD Intraday: under pressure.
 
 
  
 Pivot: 1.4195

Most Likely Scenario: short positions below 1.4195 with targets @ 1.4055 & 1.4005 in extension.

Alternative scenario: above 1.4195 look for further upside with 1.4245 & 1.4325 as targets.

Comment: the RSI is badly directed.

  
 
 
 USD/JPY Intraday: under pressure.
 
 
  
 Pivot: 111.05

Most Likely Scenario: short positions below 111.05 with targets @ 109.90 & 109.50 in extension.

Alternative scenario: above 111.05 look for further upside with 111.40 & 111.75 as targets.

Comment: the RSI lacks upward momentum.

  
 
 
 AUD/USD Intraday: key resistance at 0.7570.
 
 
  
 Pivot: 0.7570

Most Likely Scenario: short positions below 0.7570 with targets @ 0.7505 & 0.7475 in extension.

Alternative scenario: above 0.7570 look for further upside with 0.7605 & 0.7645 as targets.

Comment: The pair is shaping a bearish flag.

  
 
 
 Gold spot Intraday: bullish bias above 1222.50.
 
 
  
 Pivot: 1222.50

Most Likely Scenario: long positions above 1222.50 with targets @ 1232.00 & 1236.80 in extension.

Alternative scenario: below 1222.50 look for further downside with 1214.50 & 1208.50 as targets.

Comment: a support base at 1222.50 has formed and has allowed for a temporary stabilisation.

  
 
 
 Crude Oil (WTI) (K6) Intraday: key resistance at 37.25.
 
 
  
 Pivot: 37.25

Most Likely Scenario: short positions below 37.25 with targets @ 35.88 & 35.20 in extension.

Alternative scenario: above 37.25 look for further upside with 38.39 & 39.07 as targets.

Comment: the upward potential is likely to be limited by the resistance at 37.25.

  
 
 
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