Free Morning Forex Trading signals – May 14, 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: bullish bias above 1.296

Pivot: 1.2960.

Our preference: LONG positions above 1.296 with 1.306 & 1.311 as next targets.

Alternative scenario: The downside penetration of 1.296 will call for a slide towards 1.293 & 1.29.

Comment: the pair is rebounding and is breaking above its resistance, the RSI is well directed.

GBP/USD intraday: key ST resistance at 1.5385

Pivot: 1.5385.

Our preference: SHORT positions below 1.5385 with 1.527 & 1.5215 in sight.

Alternative scenario: The upside penetration of 1.5385 will call for 1.544 & 1.549.

Comment: the pair stands below its resistance and remains under pressure, the RSI stands below its neutrality area.

USD/JPY intraday: the bias remains bullish.

Pivot: 100.95.

Our preference: LONG positions above 100.95 with 102 & 102.35 in sight.

Alternative scenario: The downside penetration of 100.95 will call for a slide towards 100.4 & 99.65.

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

EUR/JPY intraday: the upside prevails.

Pivot: 131.5

Our preference: Long positions above 131.5 with targets @ 132.55 & 133 in extension.

Alternative scenario: Below 131.5 look for further downside with 130.75 & 130.25 as targets.

Comment: the pair stands above its support and remains on the upside.

GBP/JPY intraday: the downside prevails.

Pivot: 155.95

Our preference: Short positions below 155.95 with targets @ 154.95 & 154.1 in extension.

Alternative scenario: Above 155.95 look for further upside with 156.75 & 158 as targets.

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

AUD/USD intraday: rebound expected.

Pivot: 0.994

Our preference: Long @ 0.9965 with targets @ 1.004 & 1.0095 in extension.

Alternative scenario: Below 0.994 look for further downside with 0.9885 & 0.983 as targets.

Comment: the pair validated a Falling Wedge : a bullish pattern calling for a rebound.

Cac 40 (May 13) intraday: the upside prevails.

Pivot: 3906

Our preference: LONG positions above 3906 with 3962 & 4000 as next targets.

Alternative scenario: The downside breakout of 3906 will open the way to 3880 & 3860.

Comment : A bullish continuation pattern in triangle is taking shaoe.

Dax (Jun 13) intraday: rebound expected.

Pivot: 8210

Our preference: LONG positions above 8210 with 8355 & 8420 as next targets.

Alternative scenario: The downside breakout of 8210 will open the way to 8135 & 8010.

Comment: Prices have validated a flag pattern.