Pre European Open, Daily Technical Analysis   Wednesday, November 29, 2017

Pre European Open, Daily Technical Analysis Wednesday, November 29, 2017

29 November 2017, 09:50
Dragan Drenjanin
0
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EUR/USD Intraday: capped by a negative trend line.

  • Pivot: 1.1875
  • Most Likely Scenario: short positions below 1.1875 with targets at 1.1825 & 1.1795 in extension.
  • Alternative scenario: above 1.1875 look for further upside with 1.1895 & 1.1920 as targets.
  • Comment: technically the RSI is below its neutrality area at 50.

GBP/USD Intraday: further advance.

  • Pivot: 1.3305
  • Most Likely Scenario: long positions above 1.3305 with targets at 1.3390 & 1.3420 in extension.
  • Alternative scenario: below 1.3305 look for further downside with 1.3275 & 1.3220 as targets.
  • Comment: the RSI shows upside momentum.

USD/JPY Intraday: the upside prevails.

  • Pivot: 111.10
  • Most Likely Scenario: long positions above 111.10 with targets at 111.70 & 111.90 in extension.
  • Alternative scenario: below 111.10 look for further downside with 110.80 & 110.55 as targets.
  • Comment: the RSI advocates for further upside.

AUD/USD Intraday: under pressure.

  • Pivot: 0.7605
  • Most Likely Scenario: short positions below 0.7605 with targets at 0.7575 & 0.7555 in extension.
  • Alternative scenario: above 0.7605 look for further upside with 0.7620 & 0.7645 as targets.
  • Comment: the RSI shows downside momentum.

Gold spot Intraday: rebound expected.

  • Pivot: 1290.00
  • Most Likely Scenario: long positions above 1290.00 with targets at 1297.00 & 1300.00 in extension.
  • Alternative scenario: below 1290.00 look for further downside with 1286.00 & 1283.00 as targets.
  • Comment: the RSI is mixed to bullish.

Crude Oil (WTI) (F8) Intraday: consolidation in place.

  • Pivot: 58.15
  • Most Likely Scenario: short positions below 58.15 with targets at 57.30 & 56.90 in extension.
  • Alternative scenario: above 58.15 look for further upside with 58.55 & 59.00 as targets.
  • Comment: the RSI lacks upward momentum. A bearish cross has been identified between the 20-period and 50-period moving averages, which should confirm a negative outlook.



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