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| PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 23 DECEMBER 2011 |
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| 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: 1.3085.
Most Likely Scenario: SHORT positions below 1.3085 with 1.302 & 1.298 as next targets.
Alternative scenario: The upside penetration of 1.3085 will call for a rebound towards 1.312 & 1.314.
Comment: The pair is posting a rebound but stands below its resistance. |
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| GBP/USD INTRADAY: REBOUND. |
Pivot: 1.5650.
Most Likely Scenario: LONG positions above 1.565 with 1.5725 & 1.575 as next targets.
Alternative scenario: The downside penetration of 1.565 will call for 1.562 & 1.5565.
Comment: The pair stands above its support and remains on the upside. |
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| USD/JPY INTRADAY: THE UPSIDE PREVAILS. |
Pivot: 77.95.
Most Likely Scenario: LONG positions above 77.95 with targets @ 78.2 & 78.35.
Alternative scenario: The downside breakout of 77.95 will open the way to 77.8 & 77.65.
Comment: The pair is pulling back on its support. |
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| AUD/USD INTRADAY: SUPPORTED BY A RISING TREND LINE. |
Pivot: 1.012
Most Likely Scenario: Long positions above 1.012 with targets @ 1.022 & 1.0265 in extension.
Alternative scenario: Below 1.012 look for further downside with 1.0085 & 1.0055 as targets.
Comment: The RSI is supported by a rising trend line. |
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| GOLD (SPOT) INTRADAY: UNDER PRESSURE. |
Pivot: 1617.00
Most Likely Scenario: SHORT positions below 1617 with targets @ 1597 & 1582.
Alternative scenario: The upside breakout of 1617 will open the way to 1641.5 & 1650.
Comment: As long as 1617 is resistance, look for choppy price action with a bearish bias. |
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| CRUDE OIL (FEB 12) INTRADAY: THE BIAS REMAINS BULLISH. |
Pivot: 98.40
Most Likely Scenario: LONG positions above 98.4 with targets @ 100.5 & 101.4.
Alternative scenario: The downside penetration of 98.4 will call for 97.55 & 96.75.
Comment: The RSI is supported by a bullish trend line. |
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