Free Morning Forex Trading signals – Apr 5, 2013

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 bias remains bullish.

Pivot: 1.2880.

Our preference: LONG positions @ 1.289 with 1.295 & 1.297 in sight.

Alternative scenario: The downside penetration of 1.288 will call for 1.284 & 1.2805.

Comment: the pair and its intraday RSI have broken above declining trend lines and remain on the upside.

GBP/USD intraday: the bias remains bullish.

Pivot: 1.5175.

Our preference: LONG positions above 1.5175 with 1.526 & 1.532 in sight.

Alternative scenario: The downside penetration of 1.5175 will call for 1.515 & 1.511.

Comment: the pair has broken above a declining trend line and is approaching its previous high.

USD/JPY intraday: further advance.

Pivot: 95.65.

Our preference: LONG positions above 95.65 with targets @ 97.2 & 97.7.

Alternative scenario: The downside penetration of 95.65 will call for a slide towards 95 & 94.4.

Comment: the pair is facing a pull back on its support ahead of further advance.

EUR/JPY intraday: further advance.

Pivot: 123.5

Our preference: Long positions above 123.5 with targets @ 125.6 & 126.15 in extension.

Alternative scenario: Below 123.5 look for further downside with 122.6 & 121.6 as targets.

Comment: the pair stands above its new support and remains on the upside, the RSI stands around its neutrality area.

GBP/JPY intraday: further advance.

Pivot: 145.15

Our preference: Long positions above 145.15 with targets @ 147.9 & 148.45 in extension.

Alternative scenario: Below 145.15 look for further downside with 144.2 & 143.4 as targets.

Comment: the pair remains on the upside and should reach its previous high, the RSI stands around its neutrality area and is reversing up.

AUD/USD intraday: the upside prevails.

Pivot: 1.038

Our preference: Long positions above 1.038 with targets @ 1.044 & 1.0475 in extension.

Alternative scenario: Below 1.038 look for further downside with 1.036 & 1.034 as targets.

Comment: the pair is rebounding on its support, the RSI is reversing up.

Cac 40 (Apr 13) intraday: choppy.

Pivot: 3796

Our preference: SHORT positions below 3796 with 3698 & 3670 as next targets.

Alternative scenario: The upside penetration of 3796 will call for 3812 & 3837.

Comment : the RSI lacks momentum.

Dax (Jun 13) intraday: break of a ST rising trendline support.

Pivot: 7905

Our preference: SHORT positions below 7905 with 7792 & 7735 as next targets.

Alternative scenario: The upside penetration of 7905 will call for 7965 & 8040.

Comment: the RSI lacks momentum.