Free Morning Forex Trading signals – Apr 16, 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: the downside prevails.

Pivot: 1.3110.

Our preference: SHORT positions below 1.311 with targets @ 1.303 & 1.2995.

Alternative scenario: The upside penetration of 1.311 will call for 1.314 & 1.316.

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

GBP/USD intraday: the downside prevails.

Pivot: 1.5345.

Our preference: SHORT positions @ 1.5335 with 1.5265 & 1.5245 as next targets.

Alternative scenario: The upside penetration of 1.5345 will call for 1.5385 & 1.541.

Comment: the pair is posting a rebound but stands below its resistance, the RSI lacks upward momentum.

USD/JPY intraday: key ST resistance at 98.25

Pivot: 98.25.

Our preference: SHORT positions @ 98.1 with 96.5 & 95.85 as next targets.

Alternative scenario: The upside breakout of 98.25 will open the way to 99.1 & 100.

Comment: the pair stands below its resistance and remains under pressure, the RSI lacks upward momentum.

EUR/JPY intraday: rebound.

Pivot: 126.15

Our preference: Long positions above 126.15 with targets @ 127.85 & 128.6 in extension.

Alternative scenario: Below 126.15 look for further downside with 125.55 & 124.9 as targets.

Comment: the pair is rebounding and is approaching its next resistance, the RSI is well directed.

GBP/JPY intraday: rebound.

Pivot: 147.6

Our preference: Long positions above 147.6 with targets @ 149.75 & 150.55 in extension.

Alternative scenario: Below 147.6 look for further downside with 146.3 & 145.85 as targets.

Comment: the pair is rebounding and is approaching its next resistance, the RSI is well directed.

AUD/USD intraday: under pressure.

Pivot: 1.0415

Our preference: Short positions below 1.0415 with targets @ 1.031 & 1.0285 in extension.

Alternative scenario: Above 1.0415 look for further upside with 1.0475 & 1.052 as targets.

Comment: the pair stands below its resistance and remains under pressure.

Cac 40 (Apr 13) intraday: consolidation.

Pivot: 3717

Our preference: SHORT positions below 3717 with targets @ 3655 & 3638.

Alternative scenario: The upside penetration of 3717 will call for a rebound towards 3755 & 3789.

Comment : the RSI is mixed to bearish.

Dax (Jun 13) intraday: consolidation.

Pivot: 7733

Our preference: SHORT positions below 7733 with 7662 & 7620 in sight.

Alternative scenario: The upside penetration of 7733 will call for 7795 & 7895.

Comment: the RSI is mixed to bearish.