TECHNICAL ANALYSIS 28/92012

USDJPY Pivot: 77.8 Our preference: Short positions below 77.8 with targets @ 77.5 & 77.35 in extension. Alternative scenario: Above 77.8 look for further upside with 77.95 & 78.15 as targets. Comment: a break below 77.5 would trigger a drop towards 77.35. Key levels 78.15 77.95 77.8 77.564 last 77.5 77.35 77.1

GBPUSD Pivot: 1.621 Our preference: Long positions above 1.621 with targets @ 1.626 & 1.628 in extension. Alternative scenario: Below 1.621 look for further downside with 1.617 & 1.6130 as targets. Comment: technically, the RSI is above its neutrality area at 50. Key levels 1.6305 1.628 1.626 1.6253 last 1.621 1.617 1.6130

EURUSD Pivot: 1.288 Our preference: Long positions above 1.288 with targets @ 1.295 & 1.298 in extension. Alternative scenario: Below 1.288 look for further downside with 1.283 & 1.2805 as targets. Comment: the RSI is bullish and calls for further upside. Key levels 1.3 1.298 1.295 1.29311 last 1.288 1.283 1.2805

AUDUSD Pivot: 1.04 Our preference: Long positions above 1.04 with targets @ 1.046 & 1.0495 in extension. Alternative scenario: Below 1.04 look for further downside with 1.037 & 1.033 as targets. Comment: the next resistances are at 1.046 and then at 1.0495. Key levels 1.052 1.0495 1.046 1.0438 last 1.04 1.037 1.033

NZDUSD Pivot: 0.828 Our preference: Long positions above 0.828 with targets @ 0.834 & 0.8365 in extension. Alternative scenario: Below 0.828 look for further downside with 0.825 & 0.822 as targets. Comment: the next resistances are at 0.834 and then at 0.8365. Key levels 0.838 0.8365 0.834 0.83043 last 0.828 0.825 0.822

SILVER Pivot: 34.05 Our Preference: LONG positions above 34.05 with targets @ 34.95 & 35.2. Alternative scenario: The downside penetration of 34.05 will call for a slide towards 33.8 & 33.3. Comment: the RSI lacks downward momentum. Trend: ST Ltd upside; MT Bullish Key levels Comment 35.65** Intraday resistance 35.2** Intraday resistance 34.95** Intraday resistance 34.58 Last 34.05** Intraday pivot point 33.8** Intraday support 33.3** Intraday support

GOLD Pivot: 1759.00 Our Preference: LONG positions above 1759 with 1780 & 1787 as next targets. Alternative scenario: The downside penetration of 1759 will call for 1752 & 1736. Comment: the RSI is mixed with a bullish bias. Trend: ST Ltd upside; MT Bullish Key levels Comment 1800** Horizontal resistance 1787** Intraday resistance 1780*** Intraday resistance 1776.3 Last 1759** Intraday pivot point 1752** Horizontal support 1736** Horizontal support

EURJPY Pivot: 100.5 Our preference: Short positions below 100.5 with targets @ 99.65 & 99.05 in extension. Alternative scenario: Above 100.5 look for further upside with 101 & 101.7 as targets. Comment: as long as 100.5 is resistance, likely decline to 99.65. Key levels 101.7 101 100.5 100.224 last 99.65 99.05 98.85

TECHNICAL ANALYSIS 27/9/2012

GBP/USD Pivot: 1.621 Our preference: Short positions below 1.621 with targets @ 1.613 & 1.61 in extension. Alternative scenario: Above 1.621 look for further upside with 1.6235 & 1.626 as targets. Comment: as long as 1.621 is resistance, likely decline to 1.613. Key levels 1.626 1.6235 1.621 1.6186 last 1.613 1.61 1.6075

EUR/USD Pivot: 1.2915 Our preference: Short positions below 1.2915 with targets @ 1.283 & 1.2805 in extension. Alternative scenario: Above 1.2915 look for further upside with 1.295 & 1.297 as targets. Comment: the pair remains within a bearish channel and stands below its new resistance. Key levels 1.297 1.295 1.2915 1.28795 last 1.283 1.2805 1.277

EUR/JPY Pivot: 100.5 Our preference: Short positions below 100.5 with targets @ 99.65 & 99.05 in extension. Alternative scenario: Above 100.5 look for further upside with 101 & 101.7 as targets. Comment: as long as 100.5 is resistance, likely decline to 99.65. Key levels 101.7 101 100.5 100.024 last 99.65 99.05 98.85

USD/JPY Pivot: 77.95 Our preference: Short positions below 77.95 with targets @ 77.5 & 77.35 in extension. Alternative scenario: Above 77.95 look for further upside with 78.15 & 78.35 as targets. Comment: the RSI is badly directed. Key levels 78.35 78.15 77.95 77.65 last 77.5 77.35 77.1

GOLD Pivot: 1744.00 Our Preference: LONG positions above 1744 with 1765 & 1774 in sight. Alternative scenario: The downside penetration of 1744 will call for 1736 & 1725. Comment: the RSI is well directed. Trend: ST Ltd upside; MT Bullish Key levels Comment 1787** Intraday resistance 1774** Intraday resistance 1765** Intraday resistance 1755.6 Last 1744** Intraday pivot point 1736** Horizontal support 1725** Horizontal support

AUD/USD Our preference: Short positions below 1.041 with targets @ 1.033 & 1.03 in extension. Alternative scenario: Above 1.041 look for further upside with 1.0445 & 1.047 as targets. Comment: as long as 1.041 is resistance, likely decline to 1.033. Key levels 1.047 1.0445 1.041 1.03738 last 1.033 1.03 1.027

NZD/USD Pivot: 0.82 Our preference: Long positions above 0.82 with targets @ 0.828 & 0.8315 in extension. Alternative scenario: Below 0.82 look for further downside with 0.8175 & 0.8155 as targets. Comment: the RSI is bullish and calls for further upside. Key levels 0.834 0.8315 0.828 0.82524 last 0.82 0.8175 0.8155