Free Morning Forex Trading signals – Aug 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 upside prevails.

Pivot: 1.3315.

Our preference: LONG positions above 1.3315 with 1.337 & 1.34 in sight.

Alternative scenario: The downside breakout of 1.3315 will open the way to 1.327 & 1.3235.

Comment: the pair remains on the upside but is approaching a strong MT resistance.

GBP/USD intraday: the upside prevails.

Pivot: 1.5570.

Our preference: LONG positions above 1.557 with targets @ 1.565 & 1.5685.

Alternative scenario: The downside breakout of 1.557 will open the way to 1.554 & 1.549.

Comment: the pair stands above its support and remains on the upside.

USD/JPY intraday: under pressure.

Pivot: 98.00.

Our preference: SHORT positions below 98 with targets @ 96.95 & 96.4.

Alternative scenario: The upside breakout of 98 will open the way to 98.3 & 98.65.

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

EUR/JPY intraday: key ST resistance at 130.4.

Pivot: 130.4

Our preference: Short positions below 130.4 with targets @ 129.75 & 129.35 in extension.

Alternative scenario: Above 130.4 look for further upside with 130.75 & 131.15 as targets.

Comment: the pair is rebounding and is challenging its resistance, caution.

GBP/JPY intraday: further advance.

Pivot: 151.45

Our preference: Long positions above 151.45 with targets @ 153.3 & 153.75 in extension.

Alternative scenario: Below 151.45 look for further downside with 151.15 & 150.6 as targets.

Comment: the pair remains on the upside and should reach its previous high.

AUD/USD intraday: further upside.

Pivot: 0.912

Our preference: Long positions above 0.912 with targets @ 0.9185 & 0.922 in extension.

Alternative scenario: Below 0.912 look for further downside with 0.9075 & 0.904 as targets.

Comment: the pair is expected to break above a bearish channel resistance on intraday technical indicators calling for further upside.

Cac 40 (Aug 13) intraday: consolidation.

Pivot: 4127

Our preference: SHORT positions below 4127 with targets @ 4050 & 4033.

Alternative scenario: The upside penetration of 4127 will call for 4145 & 4170.

Comment : Prices pushed below the lower boundary of an ascending channel.

Dax (Sep 13) intraday: consolidation.

Pivot: 8460

Our preference: SHORT positions below 8460 with 8285 & 8240 in sight.

Alternative scenario: The upside penetration of 8460 will call for a rebound towards 8530 & 8565.

Comment: the RSI is mixed to bearish.