Daily Technical Analysis Pre EU 28th October 2011

EUR/USD INTRADAY: THE UPSIDE PREVAILS.

Pivot: 1.3875.

Most Likely Scenario: LONG positions above 1.3875 with targets @ 1.402 & 1.4055.

Alternative scenario: The downside penetration of 1.3875 will call for 1.381 & 1.375.

Comment: The RSI has broken above a declining trend line, the pair remains on the upside and is challenging its resistance.

Trend: ST Consolidation; MT Bearish

GBP/USD INTRADAY: CAUTION.

Pivot: 1.6050.

Most Likely Scenario: SHORT positions below 1.605 with targets @ 1.5955 & 1.59.

Alternative scenario: The upside penetration of 1.605 will call for a rebound towards 1.609 & 1.612.

Comment: The pair is rebounding and is approaching its resistance, caution.

USD/JPY INTRADAY: CAUTION.

Pivot: 75.90.

Most Likely Scenario: LONG positions above 75.9 with 76.3 & 76.5 as next targets.

Alternative scenario: The downside breakout of 75.9 will open the way to 75.7 & 75.4.

Comment: The pair is challenging its support, caution.

AUD/USD INTRADAY: BULLISH BIAS ABOVE 1.0425.

Pivot: 1.0425

Most Likely Scenario: Long positions above 1.0425 with targets @ 1.0575 & 1.0625 in extension.

Alternative scenario: Below 1.0425 look for further downside with 1.036 & 1.0325 as targets.

Comment: The RSI broke above a bearish trend line.

GOLD (SPOT) INTRADAY: BULLISH BIAS ABOVE 1700

Pivot: 1700.00

Most Likely Scenario: LONG positions above 1700 with targets @ 1730 & 1750.

Alternative scenario: The downside penetration of 1700 will call for 1680 & 1665.

Comment: The RSI is supported by a rising trend line.

CRUDE OIL (DEC 11) INTRADAY: REBOUND.

Pivot: 90.20

Most Likely Scenario: LONG positions above 90.2 with 93.75 & 94.65 in sight.

Alternative scenario: The downside breakout of 90.2 will open the way to 89.4 & 88.2.

Comment: The RSI broke above a declining trend line.