Intraday Market Forecast 02 Jan 2014

GBPUSD: (Further Upside )

Recommendations: Long positions above 1.6525 with 1.6580 & 1.6610 as next targets.
Alternative scenario:The downside breakout of 1.6525 will open 1.6470/1.6440 levels.
Description: Stability above the key support 1.6525 will keep the bullish momentum intact and look for 1.6580/1.6610 levels, above 1.6620 would target 1.6650 next , losing 1.6525 levels will delay the bullish move and bring consolidations, but downside below 1.6525 is likely to be contained well above 1.6440 levels.

XAUUSD: (Rebound)

Recommendations: Long positions above 1210 with 1220 & 1227 as next targets.
Alternative scenario:The downside breakout of 1210 will open 1193/1184 levels.
Description: The pair is rebounding for retesting the weekly resistance at 1227 , however ; stability above 1210 will keep the consolidation intact , below 1210 will bring resumption towards 1193 ahead of 1184 levels.

Crude Oil: (Under Pressure )

Recommendations: SHORT positions below 99.15 with 98.10 & 97.80 as next targets.
Alternative scenario:The upside breakout of 99.15 will open 99.50/99.80 levels.
Description: Stability below the key resistance 99.15 will keep the pair under pressure with risk towards 98.10/97.80 levels, break of 99.15 will bring rebound and open 99.50/99.80 levels next.





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