Pre European Open, Daily Technical Analysis Tuesday, November 21, 2017

Pre European Open, Daily Technical Analysis Tuesday, November 21, 2017

21 November 2017, 10:29
Dragan Drenjanin
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EUR/USD Intraday: under pressure.
  • Pivot: 1.1770
  • Most Likely Scenario: short positions below 1.1770 with targets at 1.1720 & 1.1685 in extension.
  • Alternative scenario: above 1.1770 look for further upside with 1.1810 & 1.1850 as targets.
  • Comment: the RSI lacks upward momentum.

GBP/USD Intraday: further advance.
  • Pivot: 1.3220
  • Most Likely Scenario: long positions above 1.3220 with targets at 1.3260 & 1.3280 in extension.
  • Alternative scenario: below 1.3220 look for further downside with 1.3200 & 1.3180 as targets.
  • Comment: the RSI advocates for further upside.

USD/JPY Intraday: the upside prevails.
  • Pivot: 112.20
  • Most Likely Scenario: long positions above 112.20 with targets at 112.75 & 113.00 in extension.
  • Alternative scenario: below 112.20 look for further downside with 111.90 & 111.60 as targets.
  • Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

AUD/USD Intraday: under pressure.
  • Pivot: 0.7570
  • Most Likely Scenario: short positions below 0.7570 with targets at 0.7510 & 0.7490 in extension.
  • Alternative scenario: above 0.7570 look for further upside with 0.7590 & 0.7610 as targets.
  • Comment: the RSI is mixed to bearish.

Gold spot Intraday: the downside prevails.
  • Pivot: 1285.00
  • Most Likely Scenario: short positions below 1285.00 with targets at 1274.00 & 1271.50 in extension.
  • Alternative scenario: above 1285.00 look for further upside with 1290.00 & 1293.50 as targets.
  • Comment: the upward potential is likely to be limited by the resistance at 1285.00.

Crude Oil (WTI) (F8) Intraday: under pressure.
  • Pivot: 56.65
  • Most Likely Scenario: short positions below 56.65 with targets at 55.95 & 55.75 in extension.
  • Alternative scenario: above 56.65 look for further upside with 56.95 & 57.20 as targets.
  • Comment: as long as 56.65 is resistance, expect a return to 55.95. The prices remain under pressure below the horizontal resistance at 56.65. The RSI indicator lacks upward momentum.

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