PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 07 OCTOBER 2011 EUR/USD GBP/USD USD/JPY AUD/USD GOLD CRUDE OIL 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: THE UPSIDE PREVAILS. Pivot: 1.3370.
Most Likely Scenario: LONG positions @ 1.338 with targets @ 1.3455 & 1.352.
Alternative scenario: The downside penetration of 1.337 will call for a slide towards 1.332 & 1.3275.
Comment: The pair remains on the upside and is challenging its resistance.
Trend: ST Consolidation; MT BearishNEXT » GBP/USD INTRADAY: INTRADAY SUPPORT AROUND 1.54 Pivot: 1.5400.
Most Likely Scenario: LONG positions @ 1.541 with 1.55 & 1.554 as next targets.
Alternative scenario: The downside penetration of 1.54 will call for a slide towards 1.533 & 1.5275.
Comment: The pair remains on the upside and is challenging its resistance.« PREVIOUS | NEXT » USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 76.85.
Most Likely Scenario: SHORT positions @ 76.8 with targets @ 76.5 & 76.3.
Alternative scenario: The upside penetration of 76.85 will call for 77 & 77.1.
Comment: The pair remains under pressure and is challenging its support.« PREVIOUS | NEXT » AUD/USD INTRADAY: FURTHER ADVANCE. Pivot: 0.97
Most Likely Scenario: Long positions above 0.97 with targets @ 0.9875 & 1 in extension.
Alternative scenario: Below 0.97 look for further downside with 0.9625 & 0.953 as targets.
Comment: The RSI is supported by a bullish trend line.« PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: FURTHER ADVANCE. Pivot: 1617.00
Most Likely Scenario: LONG positions above 1617 with 1680 & 1700 in sight.
Alternative scenario: The downside penetration of 1617 will call for a slide towards 1600 & 1555.
Comment: The RSI is supported by a bullish trend line.« PREVIOUS | NEXT » CRUDE OIL (NOV 11) INTRADAY: THE BIAS REMAINS BULLISH. Pivot: 80.40
Most Likely Scenario: LONG positions above 80.4 with 84.55 & 86.25 as next targets.
Alternative scenario: The downside penetration of 80.4 will call for a slide towards 79.6 & 77.9.
Comment: The price cleared a declining trend line and stands in a bullish channel.