Free Morning Forex Trading signals – July 10 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: 1.2865.

Our preference: SHORT positions below 1.2865 with 1.2745 & 1.2695 as next targets.

Alternative scenario: The upside penetration of 1.2865 will call for 1.292 & 1.298.

Comment: the pair has validated a bearish flag and remains on the downside.

GBP/USD intraday: the downside prevails.

Pivot: 1.5000.

Our preference: SHORT positions below 1.5 with targets @ 1.481 & 1.473.

Alternative scenario: The upside penetration of 1.5 will call for a rebound towards 1.508 & 1.513.

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

USD/JPY intraday: break of a ST rising trendline support.

Pivot: 101.20.

Our preference: SHORT positions below 101.2 with targets @ 100 & 99.8.

Alternative scenario: The upside penetration of 101.2 will call for 101.5 & 101.75.

Comment: the pair has broken below a rising trend line and remains on the downside.

EUR/JPY intraday: the downside prevails.

Pivot: 129.35

Our preference: Short positions below 129.35 with targets @ 127.95 & 127.45 in extension.

Alternative scenario: Above 129.35 look for further upside with 129.85 & 130.55 as targets.

Comment: the pair is breaking below its support as the RSI is badly directed.

GBP/JPY intraday: the downside prevails.

Pivot: 150.55

Our preference: Short positions below 150.55 with targets @ 149.2 & 148.6 in extension.

Alternative scenario: Above 150.55 look for further upside with 151.15 & 151.65 as targets.

Comment: the pair remains under pressure and is challenging its support, the RSI is badly directed.

AUD/USD intraday: rebound.

Pivot: 0.913

Our preference: Long positions above 0.913 with targets @ 0.921 & 0.925 in extension.

Alternative scenario: Below 0.913 look for further downside with 0.907 & 0.903 as targets.

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

Cac 40 (Jul 13) intraday: caution.

Pivot: 3810

Our preference: LONG positions above 3810 with 3860 & 3875 as next targets.

Alternative scenario: The downside penetration of 3810 will call for 3751 & 3705.

Comment : the RSI is mixed and calls for caution.

Dax (Sep 13) intraday: intraday support around 7945

Pivot: 7945

Our preference: LONG positions above 7945 with targets @ 8100 & 8155.

Alternative scenario: The downside penetration of 7945 will call for a slide towards 7800 & 7725.

Comment: Prices are still holding above a former declining trend line which should now act as a support