Free Morning Forex Trading signals – May 23, 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: 1.2875.

Our preference: SHORT positions @ 1.2865 with targets @ 1.279 & 1.2745.

Alternative scenario: The upside breakout of 1.2875 will open the way to 1.29 & 1.2935.

Comment: the pair is posting a rebound but stands below its new resistance as the RSI is reversing down.

GBP/USD intraday: the downside prevails.

Pivot: 1.5110.

Our preference: SHORT positions below 1.511 with 1.5 & 1.4955 as next targets.

Alternative scenario: The upside breakout of 1.511 will open the way to 1.5155 & 1.522.

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

USD/JPY intraday: under pressure.

Pivot: 102.95.

Our preference: SHORT positions below 102.95 with targets @ 102.3 & 102.05.

Alternative scenario: The upside breakout of 102.95 will open the way to 103.3 & 103.55.

Comment: the pair remains on the downside and is approaching its next support, the RSI is badly directed.

EUR/JPY intraday: under pressure.

Pivot: 132.85

Our preference: Short @ 132.41 with targets @ 131.9 & 131.6 in extension.

Alternative scenario: Above 132.85 look for further upside with 133.8 & 134.4 as targets.

Comment: the pair struck against the key resistance at 132.85 and remains on the downside.

GBP/JPY intraday: the downside prevails.

Pivot: 155.15

Our preference: Short @ 155 with targets @ 154 & 153.5 in extension.

Alternative scenario: Above 155.15 look for further upside with 155.55 & 156.05 as targets.

Comment: the pair stands below its new resistance and remains on the downside as the RSI is badly directed.

AUD/USD intraday: the downside prevails.

Pivot: 0.9705

Our preference: Short positions below 0.9705 with targets @ 0.9595 & 0.9555 in extension.

Alternative scenario: Above 0.9705 look for further upside with 0.9735 & 0.9795 as targets.

Comment: as long as the resistance at 0.9705 is not surpassed, the risk of the break below 0.9595 remains high.

Cac 40 (Jun 13) intraday: consolidation.

Pivot: 4045

Our preference: SHORT positions below 4045 with 3936 & 3925 as next targets.

Alternative scenario: The upside penetration of 4045 will call for 4074 & 4100.

Comment : An intraday reversal pattern, a “bump & reversal”, is confirmed.

Dax (Jun 13) intraday: turning down.

Pivot: 8510

Our preference: SHORT positions below 8510 with 8300 & 8210 in sight.

Alternative scenario: The upside penetration of 8510 will call for a rebound towards 8560 & 8630.

Comment: The RSI has broken down its 40 level.