Daily Technical analysis 26th Feb

Pre European Open, Daily Technical Analysis Wednesday, February 26, 2014

EUR/USD GBP/USD USD/JPY AUD/USD Gold Crude Oil

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: key resistance at 1.3775.   Prev Next         Pivot: 1.3775 Most Likely Scenario: Short positions below 1.3775 with targets @ 1.3705 & 1.3685 in extension. Alternative scenario: Above 1.3775 look for further upside with 1.381 & 1.385 as targets. Comment: as long as 1.3775 is resistance, look for choppy price action with a bearish bias.   GBP/USD Intraday: the upside prevails.   Prev Next         Pivot: 1.662 Most Likely Scenario: Long positions above 1.662 with targets @ 1.6725 & 1.676 in extension. Alternative scenario: Below 1.662 look for further downside with 1.658 & 1.653 as targets. Comment: The pair stands above its support and remains on the upside.         USD/JPY Intraday: key resistance at 102.7.   Prev Next         Pivot: 102.7 Most Likely Scenario: Short positions below 102.7 with targets @ 102.05 & 101.65 in extension. Alternative scenario: Above 102.7 look for further upside with 103.05 & 103.4 as targets. Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. AUD/USD Intraday: bullish bias above 0.898.   Prev Next         Pivot: 0.898 Most Likely Scenario: Long positions above 0.898 with targets @ 0.9045 & 0.908 in extension. Alternative scenario: Below 0.898 look for further downside with 0.8935 & 0.89 as targets. Comment: the RSI has just broken above a bearish trend line. The pair completed a pullback towards a former declining trend line.   Gold spot Intraday: further advance.   Prev Next         Pivot: 1332 Most Likely Scenario: Long positions above 1332 with targets @ 1346 & 1354 in extension. Alternative scenario: Below 1332 look for further downside with 1318 & 1307 as targets. Comment: the RSI is well directed. An ascending channel has formed, and maintains upward pressure.         Crude Oil (NYMEX) (Apr 14) Intraday: the downside prevails.   Prev Top         Pivot: 102.5 Most Likely Scenario: Short positions below 102.5 with targets @ 101 & 100.4 in extension. Alternative scenario: Above 102.5 look for further upside with 103.45 & 104 as targets. Comment: as long as 102.5 is resistance, expect a return to 101.