TECHNICAL ANALYSIS 16/11/2011

eurusd Pivot: 1.2750. Our preference: LONG positions @ 1.276 with 1.28 & 1.2825 in sight. Alternative scenario: The downside penetration of 1.275 will call for 1.2715 & 1.2695. Comment: the pair is challenging its bullish channel lower boundary. Trend: ST Ltd Downside; MT Range Key levels Comment 1.2845*** Intraday resistance 1.2825** Intraday resistance 1.28*** Intraday resistance 1.2765 Last 1.275*** Intraday pivot point 1.2715** Intraday support 1.2695** Intraday support

gbpusd Pivot: 1.5880. Our preference: SHORT positions @ 1.587 with 1.583 & 1.5815 in sight. Alternative scenario: The upside penetration of 1.588 will call for a rebound towards 1.59 & 1.5915. Comment: the pair stands below its resistance and remains under pressure. Trend: ST Ltd Downside; MT Range Key levels Comment 1.5915*** Intraday resistance 1.59*** Intraday resistance 1.588** Intraday pivot point 1.5858 Last 1.583*** Intraday support 1.5815** Intraday support 1.5795** Intraday support

usdjpy Pivot: 80.65. Our preference: LONG positions @ 80.7 with targets @ 81.4 & 81.7. Alternative scenario: The downside breakout of 80.65 will open the way to 80.3 & 80.05. Comment: the pair is pulling back on its support ahead of further advance. Trend: ST Ltd Upside; MT Range Key levels Comment 81.9** Intraday resistance 81.7** Intraday resistance 81.4*** Intraday resistance 81.01 Last 80.65*** Intraday pivot point 80.3** Intraday support 80.05*** Intraday support

eurjpy Pivot: 103.25 Our preference: Long positions above 103.25 with targets @ 104.05 & 104.4 in extension. Alternative scenario: Below 103.25 look for further downside with 102.8 & 102.4 as targets. Comment: the pair remains on the upside and should post further advance. Key levels 104.6 104.4 104.05 103.413 last 103.25 102.8 102.4

gold Pivot: 1721.00 Our preference: SHORT positions below 1721 with 1705 & 1697 in sight. Alternative scenario: The upside penetration of 1721 will call for a rebound towards 1738 & 1746. Comment: the break below 1721 is a negative signal that has opened a path to 1705. Trend: ST Bullish; MT Ltd upside Key levels Comment 1746** Intraday resistance 1738** Previous high 1721** Intraday pivot point 1714 Last 1705** Fib retracement (50%) 1697** Fib retracement (61.8%) 1686** Fib retracement (78.6%)

nzdusd Pivot: 0.815 Our preference: Short positions below 0.815 with targets @ 0.808 & 0.8035 in extension. Alternative scenario: Above 0.815 look for further upside with 0.8205 & 0.825 as targets. Comment: as long as 0.815 is resistance, look for choppy price action with a bearish bias. Key levels 0.825 0.8205 0.815 0.8095 last 0.808 0.8035 0.8

audusd Pivot: 1.0365 Our preference: Short positions below 1.0365 with targets @ 1.03 & 1.027 in extension. Alternative scenario: Above 1.0365 look for further upside with 1.0405 & 1.0425 as targets. Comment: as long as the resistance at 1.0365 is not surpassed, the risk of the break below 1.03 remains high. Key levels 1.0425 1.0405 1.0365 1.03186 last 1.03 1.027 1.023