PRE US OPEN, DAILY TECHNICAL ANALYSIS, 24 OCTOBER 2011

Please note that due to market volatility, some of the below sight prices may have already been reached and scenarios played out.

EUR/USD INTRADAY: CAUTION.

Pivot: 1.381

Most Likely Scenario: Long positions above 1.381 with targets @ 1.3955 & 1.402 in extension.

Alternative scenario: Below 1.381 look for further downside with 1.37 & 1.365 as targets.

Comment: The pair is pulling back on its support, the RSI is mixed and calls for caution.

GBP/USD INTRADAY: THE UPSIDE PREVAILS.

Pivot: 1.5850

Most Likely Scenario: Long positions above 1.5850 with targets @ 1.6005 & 1.605 in extension.

Alternative scenario: Below 1.5850 look for further downside with 1.575 & 1.568 as targets.

Comment: The pair remains on the upside, the RSI is mixed to bullish.

USD/JPY INTRADAY: KEY ST RESISTANCE AT 76.6.

Pivot: 76.6

Most Likely Scenario: Short positions below 76.6 with targets @ 76 & 75.8 in extension.

Alternative scenario: Above 76.6 look for further upside with 76.8 & 76.95 as targets.

Comment: The upward potential is likely to be limited by the resistance at 76.6.

AUD/USD INTRADAY: FURTHER UPSIDE.

Pivot: 1.0305

Most Likely Scenario: Long positions above 1.0305 with targets @ 1.044 & 1.05 in extension.

Alternative scenario: Below 1.0305 look for further downside with 1.026 & 1.02 as targets.

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

 GOLD (SPOT) INTRADAY: FURTHER UPSIDE.

Pivot: 1644.00

Most Likely Scenario: LONG positions above 1644 with targets @ 1660 & 1665.

Alternative scenario: The downside breakout of 1644 will open the way to 1629 & 1611.

Comment: The RSI is bullish and calls for further upside.

 CRUDE OIL (DEC 11) INTRADAY: THE BIAS REMAINS BULLISH.

Pivot: 87.00

Most Likely Scenario: LONG positions above 87 with 88.85 & 89.65 in sight.

Alternative scenario: The downside penetration of 87 will call for a slide towards 85.95 & 85.3.

Comment: The break above 87 is a positive signal that has opened a path to 88.85.