Free Morning Forex Trading signals – Mar 01, 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: 1.3095.

Our preference: SHORT positions @ 1.3085 with 1.3035 & 1.301 in sight.

Alternative scenario: The upside penetration of 1.3095 will call for 1.313 & 1.3165.

Comment: the pair is rebounding but stands below its new resistance, the RSI stands below its neutrality area and lacks upward momentum.

GBP/USD intraday: the bias remains bullish.

Pivot: 1.5145.

Our preference: LONG positions @ 1.5155 with 1.522 & 1.528 as next targets.

Alternative scenario: The downside penetration of 1.5145 will call for a slide towards 1.511 & 1.507.

Comment: the pair and its intraday RSI remain supported by rising trend lines, further advance is likely.

USD/JPY intraday: the upside prevails.

Pivot: 92.40.

Our preference: LONG positions above 92.4 with 93.1 & 93.6 as next targets.

Alternative scenario: The downside breakout of 92.4 will open the way to 92 & 91.55.

Comment: the pair is challenging its support, the RSI stands around its neutrality area.

EUR/JPY intraday: bullish bias above 120.4.

Pivot: 120.4

Our preference: Long @ 120.55 with targets @ 121.8 & 122.25 in extension.

Alternative scenario: Below 120.4 look for further downside with 119.6 & 119.1 as targets.

Comment: the RSI has broken above a declining trend line, the pair stands above its new support and is shaping a triangle pattern.

GBP/JPY intraday: the upside prevails.

Pivot: 139.45

Our preference: Long positions above 139.45 with targets @ 141.25 & 142 in extension.

Alternative scenario: Below 139.45 look for further downside with 138.4 & 137.7 as targets.

Comment: the pair has rebounded on its new support and remains on the upside, the RSI stands above its neutrality area.

AUD/USD intraday: key ST resistance at 1.0255.

Pivot: 1.0255

Our preference: Short positions below 1.0255 with targets @ 1.019 & 1.017 in extension.

Alternative scenario: Above 1.0255 look for further upside with 1.029 & 1.0315 as targets.

Comment: the upward potential is likely to be limited by the resistance at 1.0255.

Cac 40 (Mar 13) intraday: continuation of the rebound.

Pivot: 3592

Our preference: LONG positions above 3592 with 3785 & 3792 in sight.

Alternative scenario: The downside penetration of 3592 will call for 3520 & 3460.

Comment : The index is holding above its support area around 3600 points.

Dax (Mar 13) intraday: continuation of the rebound.

Pivot: 7560

Our preference: LONG positions above 7560 with targets @ 7784 & 7847.

Alternative scenario: The downside penetration of 7560 will call for a slide towards 7537 & 7485.

Comment: the RSI lacks downward momentum.