Pre US Open, Daily Technical Analysis Friday, June 10, 2016

10 June 2016, 14:06
Mohammad Soubra
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Pre US Open, Daily Technical Analysis   Friday, June 10, 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: 1.1355

Most Likely Scenario: short positions below 1.1355 with targets @ 1.1285 & 1.1255 in extension.

Alternative scenario: above 1.1355 look for further upside with 1.1390 & 1.1415 as targets.

Comment: the RSI is mixed to bearish.

  
 
 
 GBP/USD Intraday: the downside prevails.
 
 
  
 Pivot: 1.4530

Most Likely Scenario: short positions below 1.4530 with targets @ 1.4365 & 1.4330 in extension.

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

Comment: the RSI is capped by a declining trend line.

  
 
 
 USD/JPY Intraday: the upside prevails.
 
 
  
 Pivot: 106.65

Most Likely Scenario: long positions above 106.65 with targets @ 107.45 & 107.90 in extension.

Alternative scenario: below 106.65 look for further downside with 106.35 & 106.00 as targets.

Comment: the RSI lacks upward momentum.

  
 
 
 AUD/USD Intraday: the downside prevails.
 
 
  
 Pivot: 0.7470

Most Likely Scenario: short positions below 0.7470 with targets @ 0.7380 & 0.7355 in extension.

Alternative scenario: above 0.7470 look for further upside with 0.7505 & 0.7545 as targets.

Comment: as long as 0.7470 is resistance, look for choppy price action with a bearish bias.

  
 
 
 Gold spot Intraday: bullish bias above 1257.00.
 
 
  
 Pivot: 1257.00

Most Likely Scenario: long positions above 1257.00 with targets @ 1276.00 & 1282.00 in extension.

Alternative scenario: below 1257.00 look for further downside with 1246.00 & 1234.50 as targets.

Comment: a support base at 1257.00 has formed and has allowed for a temporary stabilisation.

  
 
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