Free Morning Forex Trading signals – Aug 2, 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: 1.3270.

Our preference: SHORT positions @ 1.326 with 1.3175 & 1.3145 as next targets.

Alternative scenario: The upside penetration of 1.327 will call for a rebound towards 1.33 & 1.3345.

Comment:the pair remains under pressure, the RSI is badly directed.

GBP/USD intraday: the downside prevails.

Pivot: 1.5180.

Our preference: SHORT positions below 1.518 with 1.507 & 1.503 as next targets.

Alternative scenario: The upside breakout of 1.518 will open the way to 1.525 & 1.529.

Comment: the pair remains on the downside and is challenging its support, the RSI stands below its neutrality area.

USD/JPY intraday: further advance.

Pivot: 98.85.

Our preference: LONG positions @ 98.95 with 99.75 & 100.1 in sight.

Alternative scenario: The downside breakout of 98.85 will open the way to 98.45 & 98.1.

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

EUR/JPY intraday: further advance.

Pivot: 130.75

Our preference: Long @ 130.9 with targets @ 131.9 & 132.35 in extension.

Alternative scenario: Below 130.75 look for further downside with 130.25 & 129.75 as targets.

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

GBP/JPY intraday: the upside prevails.

Pivot: 149.3

Our preference: Long positions above 149.3 with targets @ 150.7 & 151.25 in extension.

Alternative scenario: Below 149.3 look for further downside with 148.7 & 148.2 as targets.

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

AUD/USD intraday: capped by a negative trend line.

Pivot: 0.899

Our preference: Short positions below 0.899 with targets @ 0.885 & 0.881 in extension.

Alternative scenario: Above 0.899 look for further upside with 0.9075 & 0.914 as targets.

Comment: the pair is capped by a declining trend line and intraday technical indicators remain on the downside.

Cac 40 (Aug 13) intraday: limited upside.

Pivot: 3960

Our preference: LONG positions above 3960 with targets @ 4080 & 4100.

Alternative scenario: The downside breakout of 3960 will open the way to 3921 & 3900.

Comment : the RSI advocates for further advance.

Dax (Sep 13) intraday: the bias remains bullish.

Pivot: 8325

Our preference: LONG positions above 8325 with targets @ 8530 & 8565.

Alternative scenario: The downside penetration of 8325 will call for 8220 & 8185.

Comment: the RSI advocates for further advance.