Pre US Open, Daily Technical Analysis Thursday, June 09, 2016

9 June 2016, 13:55
Mohammad Soubra
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Pre US Open, Daily Technical Analysis   Thursday, June 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: turning down.
 
 
  
 Pivot: 1.1415

Most Likely Scenario: short positions below 1.1415 with targets @ 1.1340 & 1.1315 in extension.

Alternative scenario: above 1.1415 look for further upside with 1.1445 & 1.1475 as targets.

Comment: the RSI shows downside momentum.

  
 
 
 GBP/USD Intraday: turning down.
 
 
  
 Pivot: 1.4530

Most Likely Scenario: short positions below 1.4530 with targets @ 1.4425 & 1.4365 in extension.

Alternative scenario: above 1.4530 look for further upside with 1.4600 & 1.4665 as targets.

Comment: the RSI advocates for further decline.

  
 
 
 USD/JPY Intraday: the downside prevails.
 


 
  
 Pivot: 107.15

Most Likely Scenario: short positions below 107.15 with targets @ 106.00 & 105.50 in extension.

Alternative scenario: above 107.15 look for further upside with 107.45 & 107.95 as targets.

Comment: the RSI is mixed to bearish.

  
 
 
 AUD/USD Intraday: turning down.
 
 
  
 Pivot: 0.7505

Most Likely Scenario: short positions below 0.7505 with targets @ 0.7415 & 0.7380 in extension.

Alternative scenario: above 0.7505 look for further upside with 0.7545 & 0.7570 as targets.

Comment: the RSI shows downside momentum.

  
 
 
 Gold spot Intraday: bullish bias above 1253.50.
 
 
  
 Pivot: 1253.50

Most Likely Scenario: long positions above 1253.50 with targets @ 1276.00 & 1286.00 in extension.

Alternative scenario: below 1253.50 look for further downside with 1246.00 & 1234.50 as targets.

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

  
 
 
 Crude Oil (WTI) (N6) Intraday: bullish bias above 50.95.
 


 
  
 Pivot: 50.95

Most Likely Scenario: long positions above 50.95 with targets @ 51.65 & 52.25 in extension.

Alternative scenario: below 50.95 look for further downside with 50.30 & 49.80 as targets.

Comment: a support base at 50.95 has formed and has allowed for a temporary stabilisation.

  
 
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