Pre US Open, Daily Technical Analysis   Friday, April 22, 2016

Pre US Open, Daily Technical Analysis Friday, April 22, 2016

22 April 2016, 13:05
Mohammad Soubra
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Pre US Open, Daily Technical Analysis   Friday, April 22, 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: key resistance at 1.1310.
 
 
  
 Pivot: 1.1310

Most Likely Scenario: short positions below 1.1310 with targets @ 1.1245 & 1.1220 in extension.

Alternative scenario: above 1.1310 look for further upside with 1.1345 & 1.1390 as targets.

Comment: the RSI is mixed to bearish.

  
 
 
 GBP/USD Intraday: the downside prevails.
 
 
  
 Pivot: 1.4385

Most Likely Scenario: short positions below 1.4385 with targets @ 1.4285 & 1.4240 in extension.

Alternative scenario: above 1.4385 look for further upside with 1.4420 & 1.4440 as targets.

Comment: as long as 1.4385 is resistance, look for choppy price action with a bearish bias.

  
 
 
 USD/JPY Intraday: further upside.
 
 
  
 Pivot: 109.55

Most Likely Scenario: long positions above 109.55 with targets @ 111.05 & 111.40 in extension.

Alternative scenario: below 109.55 look for further downside with 109.15 & 108.75 as targets.

Comment: the RSI is well directed.

  
 
 
 AUD/USD Intraday: key resistance at 0.7785.
 
 
  
 Pivot: 0.7785

Most Likely Scenario: short positions below 0.7785 with targets @ 0.7730 & 0.7675 in extension.

Alternative scenario: above 0.7785 look for further upside with 0.7830 & 0.7860 as targets.

Comment: the RSI is mixed to bearish.

  
 
 
 Gold spot Intraday: key resistance at 1258.00.
 
 
  
 Pivot: 1258.00

Most Likely Scenario: short positions below 1258.00 with targets @ 1242.00 & 1235.50 in extension.

Alternative scenario: above 1258.00 look for further upside with 1270.50 & 1281.00 as targets.

Comment: the RSI is mixed to bearish.

  
 
 
 Crude Oil (WTI) (M6) Intraday: bullish bias above 42.90.
 
 
  
 Pivot: 42.90

Most Likely Scenario: long positions above 42.90 with targets @ 45.00 & 46.50 in extension.

Alternative scenario: below 42.90 look for further downside with 41.40 & 40.00 as targets.

Comment: a support base at 42.90 has formed and has allowed for a temporary stabilisation.

  
 
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