Free Morning Forex Trading signals – July 29, 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 1.325

Pivot: 1.3250.

Our preference: LONG positions above 1.325 with 1.33 & 1.337 as next targets.

Alternative scenario: The downside penetration of 1.325 will call for 1.321 & 1.3175.

Comment: the upside breakout of 1.325 maintains a bullish bias while the pair is trading in a Broadening Formation.

GBP/USD intraday: bullish bias above 1.535

Pivot: 1.5350.

Our preference: LONG positions above 1.535 with 1.543 & 1.5485 as next targets.

Alternative scenario: The downside breakout of 1.535 will open the way to 1.5295 & 1.526.

Comment: the pair validated a Broadening Formation calling for further upside.

USD/JPY intraday: capped by a negative trend line.

Pivot: 98.40.

Our preference: SHORT positions below 98.4 with targets @ 97.5 & 97.2.

Alternative scenario: The upside penetration of 98.4 will call for a rebound towards 99 & 99.35.

Comment: the pair remains capped by a declining trend line.

EUR/JPY intraday: the downside prevails.

Pivot: 130.85

Our preference: Short @ 130.6 with targets @ 129.4 & 128.85 in extension.

Alternative scenario: Above 130.85 look for further upside with 131.5 & 132.3 as targets.

Comment: the pair stands below its new resistance (former support) and remains on the downside.

GBP/JPY intraday: capped by a negative trend line.

Pivot: 151.25

Our preference: Short @ 151 with targets @ 149.7 & 149.4 in extension.

Alternative scenario: Above 151.25 look for further upside with 151.75 & 152.15 as targets.

Comment: the pair stands below its resistance and remains capped by a declining trend line.

AUD/USD intraday: bullish bias above 0.922.

Pivot: 0.922

Our preference: Long positions above 0.922 with targets @ 0.9305 & 0.934 in extension.

Alternative scenario: Below 0.922 look for further downside with 0.916 & 0.9125 as targets.

Comment: a support base at 0.922 has formed and has allowed for a temporary stabilisation.

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

Pivot: 3920

Our preference: LONG positions above 3920 with 4000 & 4032 in sight.

Alternative scenario: The downside penetration of 3920 will call for 3900 & 3885.

Comment : the RSI is mixed to bullish.

Dax (Sep 13) intraday: consolidation.

Pivot: 8335

Our preference: SHORT positions below 8335 with targets @ 8218 & 8130.

Alternative scenario: The upside penetration of 8335 will call for a rebound towards 8415 & 8460.

Comment: the RSI is mixed to bearish.