INTRADAY CONFLUENCE ZONES: DATE- 08/01/2014

EUR/USD:
Our preference: Bearish setups within 1.3600 - 1.3640 with targets @ 1.3578 & 1.3555 in extension.

Alternative scenario: Above 1.3640, watch for bullish setups with 1.3653 as target and 1.3676 in extension.

Comment: EUR/USD remains moving within the confluence zone. Note that hourly stochastic is overbought.


AUD/USD:
Our preference: Bearish setups within 0.8900 - 0.8940 with targets @ 0.8884 & 0.8854 in extension.

Alternative scenario: Above 0.8940, watch for bullish setups with 0.8975 as target and 0.9004 in extension.

Comment: AUD/USD remains in consolidation mode. Hourly stochastic is overbought.


GBP/USD:
Our preference: Bearish setups within 1.6395 - 1.6440 with targets @ 1.6377 & 1.6347 in extension.

Alternative scenario: Above 1.6440, watch for bullish setups with 1.6473 as target and 1.6500 in extension.

Comment: GBP/USD currently is in consolidation mode. Note that hourly stochastic is overbought.


EUR/JPY: 
Our preference: Bullish setups on a pull-back move to within 141.95 - 142.65 with targets @ 142.87 & 143.30 in extension.

Alternative scenario: Below 141.95, watch for bullish setups with 141.49 as target and 141.06 in extension.

Comment: EUR/JPY is pushing higher. Note that hourly stochastic and RSI are overbought. Watch the level of 142.40 (50% Fibonacci)


GOLD:
Our preference: Bullish setups to within 1225.20 - 1234.25 with targets @ 1238.33 & 1246.26 in extension.

Alternative scenario: Below 1225.20, watch for bearish setups with 1220.58 as target and 1212.65 in extension.

Comment: Gold price has pulled back into the confluence zone. Note that 20 MA has crossed below 50 MA on hourly chart. Hourly stochastic and RSI are oversold.