Free Morning Forex Trading signals – May 24, 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 1.2865

Pivot: 1.2865.

Our preference: LONG positions above 1.2865 with 1.2965 & 1.2995 in sight.

Alternative scenario: The downside breakout of 1.2865 will open the way to 1.282 & 1.279.

Comment: the pair stands above its new support and remains on the upside, the RSI is well directed.

GBP/USD intraday: intraday support around 1.505

Pivot: 1.5050.

Our preference: LONG positions above 1.505 with 1.5155 & 1.522 in sight.

Alternative scenario: The downside penetration of 1.505 will call for a slide towards 1.501 & 1.4955.

Comment: the pair has rebounded on its new support and remains on the upside.

USD/JPY intraday: under pressure.

Pivot: 102.00.

Our preference: SHORT positions below 102 with 101.05 & 100.8 as next targets.

Alternative scenario: The upside penetration of 102 will call for 102.35 & 102.65.

Comment: the pair has broken below its support and remains under pressure.

EUR/JPY intraday: rebound.

Pivot: 130.7

Our preference: Long positions above 130.7 with targets @ 131.95 & 132.4 in extension.

Alternative scenario: Below 130.7 look for further downside with 129.9 & 129.6 as targets.

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

GBP/JPY intraday: under pressure.

Pivot: 154.6

Our preference: Short positions below 154.6 with targets @ 152.3 & 151.9 in extension.

Alternative scenario: Above 154.6 look for further upside with 155.15 & 155.65 as targets.

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

AUD/USD intraday: capped by a negative trend line.

Pivot: 0.9735

Our preference: Short positions below 0.9735 with targets @ 0.9645 & 0.9595 in extension.

Alternative scenario: Above 0.9735 look for further upside with 0.98 & 0.984 as targets.

Comment: the pair is capped by a declining trend line and the 30-min RSI calls for further weakness.

Cac 40 (Jun 13) intraday: rebound expected.

Pivot: 3920

Our preference: LONG positions above 3920 with 3992 & 4020 as next targets.

Alternative scenario: The downside breakout of 3920 will open the way to 3893 & 3877.

Comment : A double-bottom pattern is confirmed, a bullish divergence on the RSI is identified & the 20-period SMA is turning up.

Dax (Jun 13) intraday: the downside prevails.

Pivot: 8475

Our preference: SHORT positions below 8475 with 8280 & 8210 in sight.

Alternative scenario: The upside breakout of 8475 will open the way to 8560 & 8630.

Comment: as long as 8475 is resistance, look for choppy price action with a bearish bias.