Pre US Open, Daily Technical Analysis   Monday, May 09, 2016

Pre US Open, Daily Technical Analysis Monday, May 09, 2016

9 May 2016, 12:37
Mohammad Soubra
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Pre US Open, Daily Technical Analysis   Monday, May 09, 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: 1.1445

Most Likely Scenario: short positions below 1.1445 with targets @ 1.1370 & 1.1310 in extension.

Alternative scenario: above 1.1445 look for further upside with 1.1480 & 1.1510 as targets.

Comment: a break below 1.1370 would trigger a drop towards 1.1310.

  
 
 
 GBP/USD Intraday: key resistance at 1.4470.
 
 
  
 Pivot: 1.4470

Most Likely Scenario: short @ 1.4445 with targets @ 1.4365 & 1.4310 in extension.

Alternative scenario: above 1.4470 look for further upside with 1.4530 & 1.4575 as targets.

Comment: the RSI lacks upward momentum.

  
 
 
 USD/JPY Intraday: further advance.
 
 
  
 Pivot: 107.00

Most Likely Scenario: long positions above 107.00 with targets @ 108.25 & 108.70 in extension.

Alternative scenario: below 107.00 look for further downside with 106.50 & 106.10 as targets.

Comment: the RSI is well directed.

  
 
 
 AUD/USD Intraday: key resistance at 0.7450.
 
 
  
 Pivot: 0.7450

Most Likely Scenario: short positions below 0.7450 with targets @ 0.7260 & 0.7190 in extension.

Alternative scenario: above 0.7450 look for further upside with 0.7515 & 0.7550 as targets.

Comment: the RSI is badly directed.

  
 
 
 Gold spot Intraday: under pressure.
 


 
  
 Pivot: 1285.10

Most Likely Scenario: short positions below 1285.10 with targets @ 1268.60 & 1261.90 in extension.

Alternative scenario: above 1285.10 look for further upside with 1289.50 & 1295.75 as targets.

Comment: the RSI broke below a rising trend line.

  
 
 
 Crude Oil (WTI) (M6) Intraday: rebound expected.
 
 
  
 Pivot: 44.50

Most Likely Scenario: long positions above 44.50 with targets @ 46.08 & 46.60 in extension.

Alternative scenario: below 44.50 look for further downside with 43.64 & 43.14 as targets.

Comment: a support base at 44.50 has formed and has allowed for a temporary stabilisation.

  
 
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