Free Morning Forex Trading signals – July 08 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: 1.2920.

Our preference: SHORT positions below 1.292 with 1.2795 & 1.2765 in sight.

Alternative scenario: The upside penetration of 1.292 will call for 1.298 & 1.304.

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

GBP/USD intraday: the downside prevails.

Pivot: 1.5015.

Our preference: SHORT positions below 1.5015 with 1.4825 & 1.474 as next targets.

Alternative scenario: The upside penetration of 1.5015 will call for a rebound towards 1.508 & 1.513.

Comment: the pair remains on the downside and is challenging its previous low.

USD/JPY intraday: further advance.

Pivot: 100.45.

Our preference: LONG positions above 100.45 with 101.75 & 102.2 in sight.

Alternative scenario: The downside penetration of 100.45 will call for a slide towards 100 & 99.45.

Comment: the pair has broken above its previous high and is facing a pull back ahead of further advance.

EUR/JPY intraday: the bias remains bullish.

Pivot: 128.6

Our preference: Long positions above 128.6 with targets @ 130.3 & 130.85 in extension.

Alternative scenario: Below 128.6 look for further downside with 128.15 & 127.75 as targets.

Comment: the pair has broken above a declining trend line.

GBP/JPY intraday: the bias remains bullish.

Pivot: 149.5

Our preference: Long positions above 149.5 with targets @ 151.25 & 151.65 in extension.

Alternative scenario: Below 149.5 look for further downside with 149.15 & 148.5 as targets.

Comment: the pair has broken above a declining trend line.

AUD/USD intraday: under pressure.

Pivot: 0.912

Our preference: Short positions below 0.912 with targets @ 0.899 & 0.8955 in extension.

Alternative scenario: Above 0.912 look for further upside with 0.9155 & 0.918 as targets.

Comment: as long as 0.912 is resistance, likely decline to 0.899.

Cac 40 (Jul 13) intraday: turning down.

Pivot: 3840

Our preference: SHORT positions below 3840 with 3705 & 3667 in sight.

Alternative scenario: The upside penetration of 3840 will call for a rebound towards 3860 & 3875.

Comment : as long as 3840 is resistance, look for choppy price action with a bearish bias.

Dax (Sep 13) intraday: key ST resistance at 8045

Pivot: 8045

Our preference: SHORT positions below 8045 with 7725 & 7660 as next targets.

Alternative scenario: The upside penetration of 8045 will call for 8155 & 8240.

Comment: as long as 8045 is resistance, look for choppy price action with a bearish bias.