FX Forex Market Technical Analysis 22. Jan. 2013:
Technical Analysis for the following Currencies:
EUR/USD, USD /CAD, USD/JPY, AUD/USD, GBP/USD, EUR/JPY, EUR/CHF EUR/JPY – Gold & Oil :
EUR/USD INTRADAY: UNDER PRESSURE.
Pivot: 1.337
Most Likely Scenario: Short positions below 1.337 with targets @ 1.327 & 1.3245 in extension.
Alternative scenario: Above 1.337 look for further upside with 1.34 & 1.3435 as targets.
Comment: as long as 1.337 is resistance, look for choppy price action with a bearish bias.
GBP/USD INTRADAY: THE DOWNSIDE PREVAILS.
Pivot: 1.586
Most Likely Scenario: Short positions below 1.586 with targets @ 1.58 & 1.5765 in extension.
Alternative scenario: Above 1.586 look for further upside with 1.589 & 1.592 as targets.
Comment: as long as the resistance at 1.586 is not surpassed, the risk of the break below 1.58 remains high.
USD/JPY INTRADAY: THE DOWNSIDE PREVAILS.
Pivot: 89.35
Most Likely Scenario: Short positions below 89.35 with targets @ 88.3 & 87.8 in extension.
Alternative scenario: Above 89.35 look for further upside with 89.85 & 90.2 as targets.
Comment: the RSI is capped by a bearish trend line.
AUD/USD INTRADAY: FURTHER ADVANCE.
Pivot: 1.0525
Most Likely Scenario: Long positions above 1.0525 with targets @ 1.0575 & 1.06 in extension.
Alternative scenario: Below 1.0525 look for further downside with 1.05 & 1.0485 as targets.
Comment: the RSI broke above a bearish trend line.
GOLD (SPOT) INTRADAY: UNDER PRESSURE.
Pivot: 1697.00
Most Likely Scenario: SHORT positions @ 1692 with targets @ 1679 & 1667.
Alternative scenario: The upside penetration of 1697 will call for 1703 & 1710.
Comment: the RSI has struck against a resistance around 70{d9c4d960ee45891fbf714ed8da589b701a1be4efa840b87811584c6b796cb03f} and is reversing down. As long as 1697 is resistance, likely decline to 1679.
CRUDE OIL (MAR 13) INTRADAY: THE BIAS REMAINS BULLISH.
Pivot: 95.35
Most Likely Scenario: LONG positions above 95.35 with 96.45 & 97.2 in sight.
Alternative scenario: The downside breakout of 95.35 will open the way to 94.85 & 94.1.
Comment: intraday support around 95.35
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SOURCE: Forex Signal – Technical Analysis – Read entire story here.
