Daily Technical Analysis Pre EU 17th Feb 2011

EUR/USD intraday: the upside prevails.

Pivot: 1.3525.

Most Likely Scenario : LONG positions @ 1.3535 with targets @ 1.3615 & 1.367.

Alternative scenario : The downside penetration of 1.3525 will call for a slide towards 1.35 & 1.346.

Comment : the pair has struck against its resistance and is pulling back on its new support ahead of a further up move.

Trend : ST Ltd Upside; MT Range

GBP/USD intraday: rebound.

Pivot: 1.6045.

Most Likely Scenario : LONG positions @ 1.6055 with 1.615 & 1.6185 in sight.

Alternative scenario : The downside penetration of 1.6045 will call for a slide towards 1.602 & 1.5985.

Comment : the pair has rebounded on its support and is challenging its new resistance, a pull back should not be ruled out ahead of a further up move.

Trend : ST Ltd Upside; MT Range

USD/JPY intraday: the upside prevails.

Pivot: 83.30.

Most Likely Scenario : LONG positions @ 83.35 with targets @ 84 & 84.15.

Alternative scenario : The downside breakout of 83.3 will open the way to 83.15 & 82.75.

Comment : the pair remains within a bullish channel.

Trend : ST Ltd Downside; MT Range

AUD/USD intraday: the upside prevails.

Pivot: 1

Most Likely Scenario : Long positions above 1 with targets @ 1.0075 & 1.011 in extension.

Alternative scenario : Below 1 look for further downside with 0.9965 & 0.9945 as targets.

Comment : the pair and its intraday RSI have broken above their declining trend lines.

GOLD (Spot) intraday: further advance.

Pivot: 1366.00

Most Likely Scenario : LONG positions above 1366 with 1380 & 1390 in sight.

Alternative scenario : The downside penetration of 1366 will call for a slide towards 1356 & 1350.

Comment : the price remains in a bullish channel and the RSI reversed up, calling for further upside..

Trend : ST Range; MT Bullish

Crude Oil (Apr 11) intraday: the downside prevails

Pivot: 89.00

Most Likely Scenario : SHORT positions below 89 with 87.05 & 85.8 as next targets.

Alternative scenario : The upside penetration of 89 will call for a rebound towards 89.8 & 91.05.

Comment : the price remains capped by a declining trend line, the RSI lacks upward momentum.

Trend : ST Consolidation; MT Range