Pre US Open, Daily Technical Analysis Friday, June 03, 2016

3 June 2016, 12:29
Mohammad Soubra
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Pre US Open, Daily Technical Analysis   Friday, June 03, 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: 1.1190

Most Likely Scenario: short positions below 1.1190 with targets @ 1.1115 & 1.1095 in extension.

Alternative scenario: above 1.1190 look for further upside with 1.1215 & 1.1235 as targets.

Comment: as long as the resistance at 1.1190 is not surpassed, the risk of the break below 1.1115 remains high. 

  
 
 
 GBP/USD Intraday: the downside prevails.
 
 
  
 Pivot: 1.4465

Most Likely Scenario: short positions below 1.4465 with targets @ 1.4375 & 1.4335 in extension.

Alternative scenario: above 1.4465 look for further upside with 1.4510 & 1.4565 as targets.

Comment: the RSI lacks upward momentum.

  
 
 
 USD/JPY Intraday: the downside prevails.
 
 
  
 Pivot: 109.30

Most Likely Scenario: short positions below 109.30 with targets @ 108.50 & 108.20 in extension.

Alternative scenario: above 109.30 look for further upside with 109.70 & 110.15 as targets.

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

  
 
 
 AUD/USD Intraday: caution.
 
 
  
 Pivot: 0.7265

Most Likely Scenario: short positions below 0.7265 with targets @ 0.7200 & 0.7170 in extension.

Alternative scenario: above 0.7265 look for further upside with 0.7280 & 0.7300 as targets.

Comment: the RSI is mixed and calls for caution.

  
 
 
 Gold spot Intraday: further advance.
 
 
  
 Pivot: 1205.80

Most Likely Scenario: long positions above 1205.80 with targets @ 1217.60 & 1220.50 in extension.

Alternative scenario: below 1205.80 look for further downside with 1203.00 & 1199.50 as targets.

Comment: the RSI is mixed to bullish.

  
 
 
 Crude Oil (WTI) (N6) Intraday: key resistance at 49.41.
 
 
  
 Pivot: 49.41

Most Likely Scenario: short positions below 49.41 with targets @ 48.85 & 48.45 in extension.

Alternative scenario: above 49.41 look for further upside with 49.72 & 50.10 as targets.

Comment: the upward potential is likely to be limited by the resistance at 49.41.

  
 
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