Free Morning Forex Trading signals – May 07, 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: under pressure.

Pivot: 1.3115.

Our preference: SHORT positions below 1.3115 with 1.3035 & 1.299 as next targets.

Alternative scenario: The upside breakout of 1.3115 will open the way to 1.315 & 1.318.

Comment: the RSI is capped by a declining trend line, the pair stands below its resistance and remains under pressure.

GBP/USD intraday: under pressure.

Pivot: 1.5605.

Our preference: SHORT positions below 1.5605 with 1.551 & 1.547 as next targets.

Alternative scenario: The upside penetration of 1.5605 will call for 1.5635 & 1.569.

Comment: the pair is posting a rebound but stands below its strong resistance, the RSI lacks upward momentum.

USD/JPY intraday: rebound.

Pivot: 98.80.

Our preference: LONG positions above 98.8 with targets @ 99.5 & 99.75.

Alternative scenario: The downside breakout of 98.8 will open the way to 98.4 & 98.1.

Comment: the pair is rebounding on its support as the RSI is reversing up from its oversold area.

EUR/JPY intraday: under pressure.

Pivot: 130

Our preference: Short positions below 130 with targets @ 128.9 & 128.35 in extension.

Alternative scenario: Above 130 look for further upside with 130.4 & 130.65 as targets.

Comment: the pair stands below its new resistance and remains under pressure, the RSI is badly directed.

GBP/JPY intraday: rebound.

Pivot: 153.7

Our preference: Long positions above 153.7 with targets @ 154.85 & 155.4 in extension.

Alternative scenario: Below 153.7 look for further downside with 153.25 & 152.7 as targets.

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

AUD/USD intraday: key ST resistance at 1.022.

Pivot: 1.022

Our preference: Short @ 1.0204 with targets @ 1.015 & 1.0125 in extension.

Alternative scenario: Above 1.022 look for further upside with 1.025 & 1.029 as targets.

Comment: the break below the support at 1.022 triggered a downward acceleration to 1.0125.

Cac 40 (May 13) intraday: target 3915

Pivot: 3773

Our preference: LONG positions above 3773 with targets @ 3895 & 3915.

Alternative scenario: The downside breakout of 3773 will open the way to 3732 & 3697.

Comment : the index pushed above an intraday resistance threshold at 3835 points.

Dax (Jun 13) intraday: the upside prevails.

Pivot: 7893

Our preference: LONG positions above 7893 with targets @ 8155 & 8290.

Alternative scenario: The downside breakout of 7893 will open the way to 7780 & 7660.

Comment: A pause should shape ahead of a new up leg