Pre European Open, Daily Technical Analysis   Friday, February 05, 2016

Pre European Open, Daily Technical Analysis Friday, February 05, 2016

5 February 2016, 08:54
Mohammed Abdulwadud Soubra
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Pre European Open, Daily Technical Analysis   Friday, February 05, 2016

 





 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: further advance.
 
 
  
 Pivot: 1.1115

Most Likely Scenario: long positions above 1.1115 with targets @ 1.124 & 1.131 in extension.

Alternative scenario: below 1.1115 look for further downside with 1.107 & 1.1 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

  
 
 
 GBP/USD Intraday: intraday support around 1.451.
  
  
 Pivot: 1.451

Most Likely Scenario: long positions above 1.451 with targets @ 1.466 & 1.4715 in extension.

Alternative scenario: below 1.451 look for further downside with 1.448 & 1.444 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

  
 
 
 USD/JPY Intraday: the downside prevails.
 
 
  
 Pivot: 117.35

Most Likely Scenario: short positions below 117.35 with targets @ 116.2 & 115.6 in extension.

Alternative scenario: above 117.35 look for further upside with 118.25 & 119 as targets.

Comment: the upward potential is likely to be limited by the resistance at 117.35.

  
 
 
 AUD/USD Intraday: the bias remains bullish.
 
 
  
 Pivot: 0.715

Most Likely Scenario: long positions above 0.715 with targets @ 0.7245 & 0.728 in extension.

Alternative scenario: below 0.715 look for further downside with 0.7115 & 0.707 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

  
 
 
 Gold spot Intraday: the upside prevails.
 


 
  
 Pivot: 1147.5

Most Likely Scenario: long positions above 1147.5 with targets @ 1160 & 1166 in extension.

Alternative scenario: below 1147.5 look for further downside with 1141 & 1136.6 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

  
 
 
 Crude Oil (WTI) (H6) Intraday: under pressure.
  
  
 Pivot: 32.95

Most Likely Scenario: short positions below 32.95 with targets @ 31.3 & 30.6 in extension.

Alternative scenario: above 32.95 look for further upside with 33.6 & 34.43 as targets.

Comment: as long as the resistance at 32.95 is not surpassed, the risk of the break below 31.3 remains high. 

  
 
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