Free Morning Forex Trading signals – Aug 15, 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: rebound.

Pivot: 1.3270.

Our preference: LONG positions above 1.327 with targets @ 1.3315 & 1.3345.

Alternative scenario: The downside penetration of 1.327 will call for 1.325 & 1.3225.

Comment: the pair is rebounding but a strong resistance is set at 1.3315.

GBP/USD intraday: the bias remains bullish.

Pivot: 1.5480.

Our preference: LONG positions above 1.548 with targets @ 1.5555 & 1.561.

Alternative scenario: The downside breakout of 1.548 will open the way to 1.5455 & 1.5415.

Comment: the pair remains on the upside but stands below a strong resistance at 1.5555.

USD/JPY intraday: under pressure.

Pivot: 98.40.

Our preference: SHORT positions below 98.4 with 97.55 & 96.95 as next targets.

Alternative scenario: The upside penetration of 98.4 will call for a rebound towards 98.85 & 99.15.

Comment: the RSI has broken below a rising trend line, the pair remains under pressure below its previous high.

EUR/JPY intraday: bullish bias above 129.55.

Pivot: 129.55

Our preference: Long @ 129.65 with targets @ 130.35 & 130.85 in extension.

Alternative scenario: Below 129.55 look for further downside with 129.05 & 128.7 as targets.

Comment: a support base at 129.55 has formed and has allowed for a temporary stabilisation.

GBP/JPY intraday: intraday support around 151.15.

Pivot: 151.15

Our preference: Long @ 151.35 with targets @ 152.6 & 153 in extension.

Alternative scenario: Below 151.15 look for further downside with 150.6 & 149.9 as targets.

Comment: a support base at 151.15 has formed and has allowed for a temporary stabilisation.

AUD/USD intraday: the upside prevails.

Pivot: 0.9115

Our preference: Long @ 0.915 with targets @ 0.922 & 0.9255 in extension.

Alternative scenario: Below 0.9115 look for further downside with 0.9075 & 0.904 as targets.

Comment: the pair has broken above a declining trend line and the RSI is supported by a rising trend line.

Cac 40 (Aug 13) intraday: the upside prevails.

Pivot: 4080

Our preference: LONG positions above 4080 with 4130 & 4145 in sight.

Alternative scenario: The downside breakout of 4080 will open the way to 4050 & 4013.

Comment : Prices are supported by an overlap at 4092 & are evolving within an ascending channel.

Dax (Sep 13) intraday: caution.

Pivot: 8380

Our preference: LONG positions above 8380 with targets @ 8460 & 8530.

Alternative scenario: The downside breakout of 8380 will open the way to 8285 & 8240.

Comment: the RSI is mixed and calls for caution.