Forex Daily Analysis 2015.05.08

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Source: Fxpro Forex Broker

EUR/USD Intraday: the downside prevails.

Forex Daily Analysis 2015.05.08

Pivot: 1.1285

Most Likely Scenario: Short positions below 1.1285 with targets @ 1.117 & 1.111 in extension.

Alternative scenario: Above 1.1285 look for further upside with 1.1325 & 1.139 as targets.

Comment: The RSI is mixed to bearish.

EUR/USD Chart

GBP/USD Intraday: the upside prevails.

Pivot: 1.5335

Most Likely Scenario: Long positions above 1.5335 with targets @ 1.5555 & 1.56 in extension.

Alternative scenario: Below 1.5335 look for further downside with 1.524 & 1.5165 as targets.

Comment: The RSI is bullish and calls for further upside.

GBP/USD Chart

USD/JPY Intraday: the upside prevails.

Pivot: 119.4

Most Likely Scenario: Long positions above 119.4 with targets @ 120.05 & 120.25 in extension.

Alternative scenario: Below 119.4 look for further downside with 119 & 118.75 as targets.

Comment: The RSI is bullish and calls for further upside.

USD/JPY Chart

AUD/USD Intraday: under pressure.

Pivot: 0.794

Most Likely Scenario: Short positions below 0.794 with targets @ 0.7855 & 0.78 in extension.

Alternative scenario: Above 0.794 look for further upside with 0.7975 & 0.8005 as targets.

Comment: The RSI lacks upward momentum.

AUD/USD Chart

Gold spot Intraday: under pressure.

Pivot: 1188.5

Most Likely Scenario: Short positions below 1188.5 with targets @ 1177 & 1169.5 in extension.

Alternative scenario: Above 1188.5 look for further upside with 1193 & 1200 as targets.

Comment: As long as 1188.5 is resistance, likely decline to 1177.

Gold Chart

Crude Oil (WTI) (M5) Intraday: under pressure.

Pivot: 59.7

Most Likely Scenario: Short positions below 59.7 with targets @ 58.4 & 57.85 in extension.

Alternative scenario: Above 59.7 look for further upside with 60.2 & 61.3 as targets.

Comment: As long as 59.7 is resistance, likely decline to 58.4.

Oil Chart

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