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| PRE US 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: REBOUND. |
Pivot: 1.3045
Most Likely Scenario: Long positions above 1.3045 with targets @ 1.312 & 1.314 in extension.
Alternative scenario: Below 1.3045 look for further downside with 1.302 & 1.298 as targets.
Comment: The pair is rebounding and should reach its next resistance.
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| GBP/USD INTRADAY: THE UPSIDE PREVAILS. |
Pivot: 1.565
Most Likely Scenario: Long positions above 1.565 with targets @ 1.5725 & 1.575 in extension.
Alternative scenario: Below 1.565 look for further downside with 1.562 & 1.5565 as targets.
Comment: The pair should post a rebound on its support as the RSI is turning up.
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| USD/JPY INTRADAY: THE BIAS REMAINS BULLISH. |
Pivot: 77.95
Most Likely Scenario: Long positions above 77.95 with targets @ 78.2 & 78.35 in extension.
Alternative scenario: Below 77.95 look for further downside with 77.8 & 77.65 as targets.
Comment: The pair is pulling back on its support.
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| AUD/USD INTRADAY: TARGET 1.0265. |
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 bullish and calls for further upside.
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| GOLD (SPOT) INTRADAY: THE DOWNSIDE PREVAILS. |
Pivot: 1617.00
Most Likely Scenario: SHORT positions below 1617 with targets @ 1597 & 1582.
Alternative scenario: The upside penetration of 1617 will call for a rebound towards 1641.5 & 1650.
Comment: As long as 1617 is resistance, look for choppy price action with a bearish bias.
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