Free Morning Forex Trading signals – July 18, 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: intraday support around 1.309

Pivot: 1.3090.

Our preference: LONG positions above 1.309 with targets @ 1.3175 & 1.3205.

Alternative scenario: The downside penetration of 1.309 will call for 1.3045 & 1.2995.

Comment: a support base at 1.309 has formed and has allowed for a temporary stabilisation.

GBP/USD intraday: supported by a rising trend line.

Pivot: 1.5085.

Our preference: LONG positions above 1.5085 with 1.526 & 1.53 in sight.

Alternative scenario: The downside breakout of 1.5085 will open the way to 1.5025 & 1.498.

Comment: the pair and the RSI are supported by rising trend lines.

USD/JPY intraday: bullish bias above 99.2

Pivot: 99.20.

Our preference: LONG positions above 99.2 with targets @ 100.45 & 100.85.

Alternative scenario: The downside penetration of 99.2 will call for 98.9 & 98.55.

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

EUR/JPY intraday: supported by a rising trend line.

Pivot: 130.2

Our preference: Long positions above 130.2 with targets @ 131.4 & 132 in extension.

Alternative scenario: Below 130.2 look for further downside with 129.85 & 129.55 as targets.

Comment: the RSI advocates for further advance.

GBP/JPY intraday: the bias remains bullish.

Pivot: 150.45

Our preference: Long positions above 150.45 with targets @ 152.2 & 152.5 in extension.

Alternative scenario: Below 150.45 look for further downside with 149.85 & 148.85 as targets.

Comment: technically, the RSI is above its neutrality area at 50.

AUD/USD intraday: bullish bias above 0.912.

Pivot: 0.912

Our preference: Long positions above 0.912 with targets @ 0.9305 & 0.934 in extension.

Alternative scenario: Below 0.912 look for further downside with 0.903 & 0.9 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Cac 40 (Jul 13) intraday: consolidation.

Pivot: 3900

Our preference: SHORT positions below 3900 with targets @ 3825 & 3810.

Alternative scenario: The upside penetration of 3900 will call for a rebound towards 3945 & 3965.

Comment : the RSI is mixed to bearish.

Dax (Sep 13) intraday: key ST resistance at 8280

Pivot: 8280

Our preference: SHORT positions below 8280 with 8130 & 8080 in sight.

Alternative scenario: The upside breakout of 8280 will open the way to 8357 & 8480.

Comment: as long as 8280 is resistance, look for choppy price action with a bearish bias.