Daily Technical Analysis(2015.12.29)

Daily Technical Analysis(2015.12.29)

Source: Fxpro Forex Broker (Review and Forex Rebates Up to 85%)

EUR/USD Intraday: the upside prevails.

Pivot: 1.094

Most Likely Scenario: long positions above 1.094 with targets @ 1.101 & 1.103 in extension.

Alternative scenario: below 1.094 look for further downside with 1.09 & 1.0865 as targets.

Comment: the RSI lacks downward momentum.

EUR/USD Chart

GBP/USD Intraday: key resistance at 1.493.

Pivot: 1.493

Most Likely Scenario: short positions below 1.493 with targets @ 1.4855 & 1.483 in extension.

Alternative scenario: above 1.493 look for further upside with 1.4945 & 1.4985 as targets.

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

GBP/USD Chart

USD/JPY Intraday: under pressure.

Pivot: 120.75

Most Likely Scenario: short positions below 120.75 with targets @ 120 & 119.8 in extension.

Alternative scenario: above 120.75 look for further upside with 121 & 121.3 as targets.

Comment: as long as 120.75 is resistance, look for choppy price action with a bearish bias.

USD/JPY Chart

AUD/USD Intraday: bullish bias above 0.724.

Pivot: 0.724

Most Likely Scenario: long positions above 0.724 with targets @ 0.7285 & 0.7315 in extension.

Alternative scenario: below 0.724 look for further downside with 0.7205 & 0.718 as targets.

Comment: a support base at 0.724 has formed and has allowed for a temporary stabilisation.

AUD/USD Chart