Free Morning Forex Trading signals – Aug 6, 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: bullish bias above 1.323

Pivot: 1.3230.

Our preference: LONG positions above 1.323 with 1.33 & 1.3345 in sight.

Alternative scenario: The downside breakout of 1.323 will open the way to 1.3195 & 1.3175.

Comment: the pair stands above its new support, the RSI is reversing up.

GBP/USD intraday: further advance.

Pivot: 1.5315.

Our preference: LONG positions above 1.5315 with 1.538 & 1.5415 as next targets.

Alternative scenario: The downside penetration of 1.5315 will call for 1.526 & 1.522.

Comment: the pair remains on the upside and is challenging its resistance.

USD/JPY intraday: under pressure.

Pivot: 98.70.

Our preference: SHORT positions below 98.7 with targets @ 97.65 & 97.2.

Alternative scenario: The upside penetration of 98.7 will call for 99.15 & 99.45.

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

EUR/JPY intraday: the downside prevails.

Pivot: 130.4

Our preference: Short positions below 130.4 with targets @ 129.7 & 129.3 in extension.

Alternative scenario: Above 130.4 look for further upside with 130.9 & 131.55 as targets.

Comment: the pair is posting a rebound but stands below its resistance, the RSI stands around its neutrality area.

GBP/JPY intraday: rebound.

Pivot: 150.3

Our preference: Long positions above 150.3 with targets @ 151.6 & 152.1 in extension.

Alternative scenario: Below 150.3 look for further downside with 149.9 & 149.3 as targets.

Comment: the pair is rebounding on its support as the RSI is reversing up.

AUD/USD intraday: turning up.

Pivot: 0.888

Our preference: Long positions above 0.888 with targets @ 0.901 & 0.9075 in extension.

Alternative scenario: Below 0.888 look for further downside with 0.8845 & 0.881 as targets.

Comment: the pair has broken above an intraday bearish channel resistance.

Cac 40 (Aug 13) intraday: limited upside.

Pivot: 3965

Our preference: LONG positions above 3965 with 4080 & 4100 in sight.

Alternative scenario: The downside penetration of 3965 will call for a slide towards 3921 & 3900.

Comment : the RSI is mixed.

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

Pivot: 8325

Our preference: LONG positions above 8325 with 8465 & 8530 in sight.

Alternative scenario: The downside breakout of 8325 will open the way to 8220 & 8185.

Comment: the RSI has just landed on a support around 30% and is reversing up.