Daily Forex Technical Analysis

EUR/USD Intraday: under pressure.
Pivot: 1.1390

Most Likely Scenario: short positions below 1.1390 with targets at 1.1350 & 1.1325 in extension.

Alternative scenario: above 1.1390 look for further upside with 1.1425 & 1.1445 as targets.

Comment: as long as the resistance at 1.1390 is not surpassed, the risk of the break below 1.1350 remains high.

GBP/USD Intraday: under pressure.

Pivot: 1.2990

Most Likely Scenario: short positions below 1.2990 with targets at 1.2910 & 1.2860 in extension.

Alternative scenario: above 1.2990 look for further upside with 1.3030 & 1.3075 as targets.

Comment: as long as 1.2990 is resistance, look for choppy price action with a bearish bias.

USD/JPY Intraday: bullish bias above 112.80.
Pivot: 112.80

Most Likely Scenario: long positions above 112.80 with targets at 113.45 & 113.70 in extension.

Alternative scenario: below 112.80 look for further downside with 112.40 & 112.15 as targets.

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

AUD/USD Intraday: turning down.

Pivot: 0.7655

Most Likely Scenario: short positions below 0.7655 with targets at 0.7615 & 0.7600 in extension.

Alternative scenario: above 0.7655 look for further upside with 0.7680 & 0.7695 as targets.

Comment: the RSI shows downside momentum.

Gold spot Intraday: the downside prevails.

Pivot: 1230.00

Most Likely Scenario: short positions below 1230.00 with targets at 1217.50 & 1211.00 in extension.

Alternative scenario: above 1230.00 look for further upside with 1240.50 & 1244.50 as targets.

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

Crude Oil (WTI) (Q7) Intraday: the upside prevails.
Pivot: 46.00

Most Likely Scenario: long positions above 46.00 with targets at 47.30 & 47.80 in extension.

Alternative scenario: below 46.00 look for further downside with 45.40 & 44.63 as targets.

Comment: the RSI is mixed with a bullish bias.