INTRADAY CONFLUENCE ZONES: DATE- 10/01/2014

EUR/USD:
Our preference: Bearish setups within 1.3580 - 1.3620 with targets @ 1.3553 & 1.3528 in extension.

Alternative scenario: Above 1.3620, watch for bullish setups with 1.3631 as target and 1.3656 in extension.

Comment: EUR/USD is in consolidation mode, with wide swings. 20 MA has crossed above 50 MA on hourly chart. Note that hourly stochastic is overbought.


AUD/USD:
Our preference: Bearish setups within 0.8895 - 0.8935 with targets @ 0.8864 & 0.8843 in extension.

Alternative scenario: Above 0.8935, watch for bullish setups with 0.8951 as target and 0.8970 in extension.

Comment: AUD/USD has pulled back into the confluence zone. Note that hourly stochastic is overbought.Watch the level of 0.8908 (50% Fibonacci).


GBP/USD:
Our preference: Bullish setups on a pull-back move to within 1.6425 - 1.6465 with targets @ 1.6496 & 1.6525 in extension.

Alternative scenario: Below 1.6425, watch for bearish setups with 1.6402 as target and 1.6373 in extension.

Comment: GBP/USD remains in an upward trajectory. Note that hourly stochastic and RSI are overbought.Watch the level of 1.6449 (50% Fibonacci).


EUR/JPY:
Our preference: Bullish setups within 104.55 - 104.95 with targets @ 143.16 & 143.56 in extension.

Alternative scenario: Below 104.55, watch for bearish setups with 141.88 as target and 141.49 in extension.

Comment: EUR/JPY remains in consolidation mode. 20 MA and 50 MA are flat on hourly chart. Note that hourly stochastic is overbought.


GOLD:
Our preference: Bearish setups within 1229.20 - 1237.10 with targets @ 1225.47 & 1218.40 in extension.

Alternative scenario: Above 1237.10, watch for bullish setups with 1241.27 as target and 1248.34 in extension.

Comment: Gold price has pulled back into the confluence zone. Note that the price is moving above 20 MA and 50 MA on hourly chart, while hourly stochastic and RSI are overbought.