Wednesday, May 1, 2013

FXPRO : Daily Technical Analysis - Pre EU Open - 1st May 2013



PRE EUROPEAN OPEN, DAILY ANALYSIS, 01 MAY 2013
EUR/USDGBP/USDUSD/JPYAUD/USDGOLDCRUDE OIL
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: THE BIAS REMAINS BULLISH.
Pivot: 1.3110.

Most Likely Scenario: LONG positions @ 1.312 with 1.32 & 1.3225 in sight.

Alternative scenario: The downside penetration of 1.311 will call for a slide towards 1.305 & 1.3015.

Comment: the pair stands above its new support and remains on the upside, the RSI stands above its neutrality area.
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GBP/USD INTRADAY: THE UPSIDE PREVAILS.
Pivot: 1.5470.

Most Likely Scenario: LONG positions @ 1.548 with 1.5565 & 1.5605 in sight.

Alternative scenario: The downside penetration of 1.547 will call for 1.5445 & 1.541.

Comment: the pair remains on the upside and is approaching its previous high, the RSI stands above its neutrality area.
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USD/JPY INTRADAY: CAPPED BY A NEGATIVE TREND LINE.
Pivot: 97.75.

Most Likely Scenario: SHORT positions below 97.75 with 96.95 & 96.55 as next targets.

Alternative scenario: The upside penetration of 97.75 will call for a rebound towards 98.2 & 98.5.

Comment: the pair remains capped by a declining trend line and is challenging its support.
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AUD/USD INTRADAY: BULLISH BIAS ABOVE 1.0325.
Pivot: 1.0325

Most Likely Scenario: Long positions above 1.0325 with targets @ 1.0395 & 1.042 in extension.

Alternative scenario: Below 1.0325 look for further downside with 1.0305 & 1.0295 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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GOLD (SPOT) INTRADAY: THE DOWNSIDE PREVAILS.
Pivot: 1485.00

Most Likely Scenario: SHORT positions below 1485 with 1448 & 1418 as next targets.

Alternative scenario: The upside penetration of 1485 will call for a rebound towards 1507 & 1539.

Comment: as long as 1485 is resistance, likely decline to 1448.
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CRUDE OIL (JUN 13) INTRADAY: THE DOWNSIDE PREVAILS.
Pivot: 94.65

Most Likely Scenario: SHORT positions below 94.65 with 92 & 91.1 as next targets.

Alternative scenario: The upside penetration of 94.65 will call for a rebound towards 96.15 & 97.7.

Comment: as long as 94.65 is resistance, likely decline to 92.
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