Free Morning Forex Trading signals - Feb 5, 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: 1.3540.Our preference: SHORT positions below 1.354 with targets @ 1.3475 & 1.34.

Alternative scenario: The upside breakout of 1.354 will open the way to 1.358 & 1.3605.

Comment: the pair stands below its new resistance and remains under pressure, a rebound should not be ruled out as the RSI is approaching its oversold area.

GBP/USD intraday: under pressure.

Pivot: 1.5775.Our preference: SHORT positions @ 1.5765 with 1.5715 & 1.567 in sight.

Alternative scenario: The upside penetration of 1.5775 will call for a rebound towards 1.58 & 1.5845.

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

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USD/JPY intraday: further advance.

Pivot: 91.95.Our preference: LONG positions above 91.95 with 92.75 & 93.15 in sight.

Alternative scenario: The downside penetration of 91.95 will call for a slide towards 91.35 & 90.7.

Comment: the pair is rebounding on its support and should post further advance as the RSI is turning up from its oversold area.

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EUR/JPY intraday: under pressure.

Pivot: 125.45Our preference: Short @ 125.37 with targets @ 123.95 & 122.95 in extension.

Alternative scenario: Above 125.45 look for further upside with 126 & 127 as targets.

Comment: the pair stands below its resistance and remains under pressure while approaching its next strong support, the RSI stands below its neutral area.

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GBP/JPY intraday: key ST resistance at 146.

Pivot: 146Our preference: Short @ 145.85 with targets @ 144.75 & 144.25 in extension.

Alternative scenario: Above 146 look for further upside with 146.5 & 147.3 as targets.

Comment: the pair is posting a rebound but stands below its new resistance, the RSI stands around its neutral area and lacks upward momentum.

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AUD/USD intraday: under pressure.

Pivot: 1.044Our preference: Short positions below 1.044 with targets @ 1.039 & 1.036 in extension.

Alternative scenario: Above 1.044 look for further upside with 1.046 & 1.0475 as targets.

Comment: the pair has broken below a rising trend line and is challenging its new support, the RSI is badly directed and stands above its oversold area.