Free Morning Forex Trading signals – July 12 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: key ST resistance at 1.314

Pivot: 1.3140.

Our preference: SHORT positions below 1.314 with 1.299 & 1.295 as next targets.

Alternative scenario: The upside penetration of 1.314 will call for a rebound towards 1.3205 & 1.325.

Comment: the pair stands below its previous high and remains under pressure.

GBP/USD intraday: continuation of the rebound.

Pivot: 1.5050.

Our preference: LONG positions above 1.505 with targets @ 1.5235 & 1.5295.

Alternative scenario: The downside breakout of 1.505 will open the way to 1.5 & 1.491.

Comment: the pair stands above its support and remains on the upside.

USD/JPY intraday: key ST resistance at 99.55

Pivot: 99.55.

Our preference: SHORT positions below 99.55 with targets @ 98.2 & 97.6.

Alternative scenario: The upside breakout of 99.55 will open the way to 100 & 100.45.

Comment: the pair remains under pressure and is shaping a triangle pattern.

EUR/JPY intraday: the upside prevails.

Pivot: 128.45

Our preference: Long positions above 128.45 with targets @ 129.85 & 130.55 in extension.

Alternative scenario: Below 128.45 look for further downside with 127.95 & 127.45 as targets.

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

GBP/JPY intraday: further upside.

Pivot: 148.85

Our preference: Long positions above 148.85 with targets @ 150.65 & 151.15 in extension.

Alternative scenario: Below 148.85 look for further downside with 148.2 & 147.4 as targets.

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

AUD/USD intraday: the downside prevails.

Pivot: 0.9205

Our preference: Short positions below 0.9205 with targets @ 0.909 & 0.9045 in extension.

Alternative scenario: Above 0.9205 look for further upside with 0.9305 & 0.937 as targets.

Comment: as long as 0.9205 is resistance, look for choppy price action with a bearish bias.

Cac 40 (Jul 13) intraday: the upside prevails.

Pivot: 3810

Our preference: LONG positions above 3810 with 3910 & 3945 in sight.

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

Comment : the RSI is mixed to bullish.

Dax (Sep 13) intraday: bullish bias above 7975

Pivot: 7975

Our preference: LONG positions above 7975 with targets @ 8210 & 8290.

Alternative scenario: The downside penetration of 7975 will call for 7800 & 7725.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.