Daily Technical Levels 03/08/2012

Friday, August 3, 2012
Daily Technical Levels
Friday, August 03, 2012

EUR/USD  |   GBP/USD  |   USD/CHF  |   USD/JPY  |   AUD/USD  |   GOLD  |   SILVER  |   CRUDE OIL

 EUR/USD intraday: key ST resistance at 1.2225

Pivot: 1.2225.
Our Preference: SHORT positions below 1.2225 with 1.2135 & 1.2115 in sight.
Alternative scenario: The upside penetration of 1.2225 will call for a rebound towards 1.229 & 1.233.
Comment: the break below 1.2225 is a negative signal that has opened a path to 1.2135.

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 GBP/USD intraday: the downside prevails.

Pivot: 1.5570.
Our Preference: SHORT positions @ 1.556 with 1.547 & 1.544 as next targets.
Alternative scenario: The upside penetration of 1.557 will call for a rebound towards 1.562 & 1.564.
Comment: as long as the resistance at 1.557 is not surpassed, the risk of the break below 1.547 remains high.

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 USD/CHF intraday: bullish bias above 0.9825

Pivot: 0.98.
Our Preference: LONG positions @ 0.9835 with 0.989 & 0.9915 as next targets.
Alternative scenario: The downside penetration of 0.9825 will call for 0.977 & 0.973.
Comment: the break above 0.9825 is a positive signal that has opened a path to 0.989.

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 USD/JPY intraday: the downside prevails.

Pivot: 78.35.
Our Preference: SHORT positions @ 78.25 with targets @ 78 & 77.9.
Alternative scenario: The upside penetration of 78.35 will call for 78.53 & 78.65.
Comment: as long as the resistance at 78.35 is not surpassed, the risk of the break below 78 remains high.

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 AUD/USD intraday: key ST resistance at 1.05.

Pivot: 1.05
Our preference: Short positions below 1.05 with targets @ 1.038 & 1.03 in extension.
Alternative scenario: Above 1.05 look for further upside with 1.058 & 1.065 as targets.
Comment: as long as 1.05 is resistance, look for choppy price action with a bearish bias.

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 GOLD (Spot) intraday: the downside prevails.

Pivot: 1600.00
Our Preference: SHORT positions below 1600 with 1584 & 1579 as next targets.
Alternative scenario: The upside penetration of 1600 will call for 1607 & 1611.
Comment: technically, the RSI is below its neutrality area at 50.

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 SILVER (Spot) intraday: the downside prevails.

Pivot: 27.38
Our Preference: SHORT positions below 27.38 with 26.98 & 26.8 in sight.
Alternative scenario: The upside penetration of 27.38 will call for a rebound towards 27.8 & 28.05.
Comment: technically, the RSI is below its neutrality area at 50.

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 Crude Oil (Sep 12) intraday: under pressure.

Pivot: 88.75
Our Preference: SHORT positions below 88.75 with targets @ 86.8 & 86.1.
Alternative scenario: The upside penetration of 88.75 will call for 89.6 & 90.3.
Comment: the RSI is below its neutrality area at 50%

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