Pre European Open, Daily Technical Analysis    Tuesday, December 5, 2017

Pre European Open, Daily Technical Analysis Tuesday, December 5, 2017

5 December 2017, 08:20
Dragan Drenjanin
0
22

EUR/USD Intraday: under pressure. 



  • Pivot: 1.1880
  • Most Likely Scenario: short positions below 1.1880 with targets at 1.1840 & 1.1825 in extension.
  • Alternative scenario: above 1.1880 look for further upside with 1.1900 & 1.1935 as targets.
  • Comment: the RSI lacks upward momentum.

GBP/USD Intraday: key resistance at 1.3550. 



  • Pivot: 1.3550
  • Most Likely Scenario: short positions below 1.3550 with targets at 1.3415 & 1.3355 in extension.
  • Alternative scenario: above 1.3550 look for further upside with 1.3610 & 1.3660 as targets.
  • Comment: as long as the resistance at 1.3550 is not surpassed, the risk of the break below 1.3415 remains high. 

USD/JPY Intraday: consolidation. 



  • Pivot: 112.80
  • Most Likely Scenario: short positions below 112.80 with targets at 112.30 & 112.10 in extension.
  • Alternative scenario: above 112.80 look for further upside with 113.05 & 113.35 as targets.
  • Comment: as long as 112.80 is resistance, look for choppy price action with a bearish bias.

AUD/USD Intraday: the bias remains bullish. 



  • Pivot: 0.7610
  • Most Likely Scenario: long positions above 0.7610 with targets at 0.7660 & 0.7680 in extension.
  • Alternative scenario: below 0.7610 look for further downside with 0.7585 & 0.7570 as targets.
  • Comment: the RSI is bullish and calls for further upside.

Gold spot Intraday: key resistance at 1278.00. 



  • Pivot: 1278.00
  • Most Likely Scenario: short positions below 1278.00 with targets at 1270.00 & 1266.00 in extension.
  • Alternative scenario: above 1278.00 look for further upside with 1283.00 & 1289.00 as targets.
  • Comment: the upward potential is likely to be limited by the resistance at 1278.00.

Crude Oil (WTI) (F8) Intraday: under pressure. 



  • Pivot: 58.00
  • Most Likely Scenario: short positions below 58.00 with targets at 57.25 & 56.75 in extension.
  • Alternative scenario: above 58.00 look for further upside with 58.40 & 58.90 as targets.
  • Comment: as long as 58.00 is resistance, likely decline to 57.25. The prices remain capped by a declining trend line, which should call for a new drop. Besides, the relative strength index is bearish.

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