FXPRO : Daily Technical Analysis - Pre US Open - 6th May 2013

PRE US OPEN, DAILY TECHNICAL ANALYSIS, 06 MAY 2013

EUR/USD GBP/USD USD/JPY AUD/USD GOLD CRUDE 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: UNDER PRESSURE. Pivot: 1.315 Most Likely Scenario: Short positions below 1.315 with targets @ 1.3075 & 1.3035 in extension. Alternative scenario: Above 1.315 look for further upside with 1.318 & 1.322 as targets. Comment: the pair stands below its new resistance and remains on the downside as the RSI is badly directed. NEXT » GBP/USD INTRADAY: THE BIAS REMAINS BULLISH. Pivot: 1.554 Most Likely Scenario: Long positions above 1.554 with targets @ 1.5605 & 1.5635 in extension. Alternative scenario: Below 1.554 look for further downside with 1.551 & 1.547 as targets. Comment: the pair has struck against its resistance and is facing a pull back. « PREVIOUS | NEXT » USD/JPY INTRADAY: THE UPSIDE PREVAILS. Pivot: 98.8 Most Likely Scenario: Long positions above 98.8 with targets @ 99.5 & 99.75 in extension. Alternative scenario: Below 98.8 look for further downside with 98.4 & 98.1 as targets. Comment: the pair remains on the upside and is approaching its resistance. « PREVIOUS | NEXT » AUD/USD INTRADAY: UNDER PRESSURE. Pivot: 1.029 Most Likely Scenario: Short positions below 1.029 with targets @ 1.024 & 1.022 in extension. Alternative scenario: Above 1.029 look for further upside with 1.032 & 1.0355 as targets. Comment: as long as 1.029 is resistance, look for choppy price action with a bearish bias. « PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: FURTHER ADVANCE. Pivot: 1463.00 Most Likely Scenario: LONG positions above 1463 with 1486 & 1491.5 in sight. Alternative scenario: The downside breakout of 1463 will open the way to 1441 & 1418. Comment: a support base at 1463 has formed and has allowed for a temporary stabilisation. « PREVIOUS | NEXT » CRUDE OIL (JUN 13) INTRADAY: FURTHER ADVANCE. Pivot: 95.35 Most Likely Scenario: LONG positions above 95.35 with 97.2 & 98 in sight. Alternative scenario: The downside penetration of 95.35 will call for a slide towards 94.7 & 93.55. Comment: the RSI has just landed on its neutrality area at 50%.

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