Free Morning Forex Trading signals – May 21, 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: continuation of the rebound.

Pivot: 1.2835.

Our preference: LONG positions above 1.2835 with 1.293 & 1.2995 in sight.

Alternative scenario: The downside penetration of 1.2835 will call for a slide towards 1.279 & 1.2745.

Comment: the pair has broken above an intraday declining trend line.

GBP/USD intraday: bullish bias above 1.5205

Pivot: 1.5205.

Our preference: LONG positions above 1.5205 with 1.528 & 1.533 in sight.

Alternative scenario: The downside penetration of 1.5205 will call for 1.5155 & 1.511.

Comment: the break above 1.5205 is a positive signal that has opened a path to 1.528.

USD/JPY intraday: under pressure.

Pivot: 102.90.

Our preference: SHORT positions below 102.9 with targets @ 102.05 & 101.85.

Alternative scenario: The upside penetration of 102.9 will call for 103.3 & 103.7.

Comment: Monday’s bearish gap maintains a downside pressure.

EUR/JPY intraday: bullish bias above 131.6.

Pivot: 131.6

Our preference: Long positions above 131.6 with targets @ 132.55 & 132.9 in extension.

Alternative scenario: Below 131.6 look for further downside with 131.25 & 130.75 as targets.

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

GBP/JPY intraday: further advance.

Pivot: 155.6

Our preference: Long positions above 155.6 with targets @ 156.45 & 156.75 in extension.

Alternative scenario: Below 155.6 look for further downside with 154.95 & 154.5 as targets.

Comment: the pair has challenged the resistance at 156.45 and remains on the upside.

AUD/USD intraday: further advance.

Pivot: 0.975

Our preference: Long positions above 0.975 with targets @ 0.985 & 0.988 in extension.

Alternative scenario: Below 0.975 look for further downside with 0.9705 & 0.967 as targets.

Comment: a support base at 0.975 has formed and has allowed for a temporary stabilisation.

Cac 40 (Jun 13) intraday: caution.

Pivot: 3960

Our preference: LONG positions above 3960 with targets @ 4004 & 4025.

Alternative scenario: The downside penetration of 3960 will call for a slide towards 3936 & 3920.

Comment : A transition period has begun.

Dax (Jun 13) intraday: towards 8520

Pivot: 8355

Our preference: LONG positions above 8355 with 8480 & 8520 in sight.

Alternative scenario: The downside penetration of 8355 will call for 8300 & 8210.

Comment: the RSI is holding above its horizontal support @ 40%