Free Morning Forex Trading signals – Feb 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 1.354

Pivot: 1.3540.

Our preference: LONG positions above 1.354 with 1.3615 & 1.365 as next targets.

Alternative scenario: The downside breakout of 1.354 will open the way to 1.35 & 1.3455.

Comment: the pair is facing a pull back on its new support ahead of further advance, the RSI stands around its neutral area and lacks downward momentum.

GBP/USD intraday: under pressure.

Pivot: 1.5690.

Our preference: SHORT positions below 1.569 with targets @ 1.563 & 1.56.

Alternative scenario: The upside penetration of 1.569 will call for a rebound towards 1.571 & 1.574.

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

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USD/JPY intraday: further advance.

Pivot: 93.00.

Our preference: LONG positions above 93 with targets @ 94 & 94.45.

Alternative scenario: The downside penetration of 93 will call for a slide towards 92.55 & 91.95.

Comment: the pair has broken above its strong resistance and remains on the upside, the RSI stands above its neutral area.

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EUR/JPY intraday: the upside prevails.

Pivot: 126.6

Our preference: Long positions above 126.6 with targets @ 128.15 & 128.5 in extension.

Alternative scenario: Below 126.6 look for further downside with 125.65 & 125 as targets.

Comment: the pair has broken above its previous high and should post further advance, the RSI stands above its neutral area and is turning up.

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GBP/JPY intraday: further upside.

Pivot: 145.8

Our preference: Long positions above 145.8 with targets @ 147.3 & 147.9 in extension.

Alternative scenario: Below 145.8 look for further downside with 144.85 & 144.25 as targets.

Comment: the pair has rebounded on its new support and is now approaching its previous high, the RSI stands above its neutral area and calls for further advance.

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AUD/USD intraday: watch 1.034.

Pivot: 1.039

Our preference: Short positions below 1.039 with targets @ 1.034 & 1.032 in extension.

Alternative scenario: Above 1.039 look for further upside with 1.042 & 1.044 as targets.

Comment: the pair is breaking below its previous low and should face further weakness as the RSI is badly directed and stands above its oversold area.