Free Morning Forex Trading signals – Mar 04, 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 1.305

Pivot: 1.3050.

Our preference: SHORT positions @ 1.304 with 1.297 & 1.2945 in sight.

Alternative scenario: The upside penetration of 1.305 will call for 1.3095 & 1.313.

Comment: the pair remains capped by a declining trend line and remains under pressure, the RSI is reversing down from its neutrality area.

GBP/USD intraday: under pressure.

Pivot: 1.5090.

Our preference: SHORT positions @ 1.508 with 1.498 & 1.495 as next targets.

Alternative scenario: The upside penetration of 1.509 will call for a rebound towards 1.515 & 1.522.

Comment: the pair stands below its new resistance (former support) and remains under pressure, the RSI stands below its neutrality area.

USD/JPY intraday: the upside prevails.

Pivot: 92.70.

Our preference: LONG positions above 92.7 with targets @ 93.9 & 94.3.

Alternative scenario: The downside breakout of 92.7 will open the way to 92 & 91.55.

Comment: the pair stands above its new support and remains on the upside, the RSI stands above its neutrality area.

EUR/JPY intraday: the bias remains bullish.

Pivot: 120.9

Our preference: Long @ 121 with targets @ 122.25 & 123.1 in extension.

Alternative scenario: Below 120.9 look for further downside with 120.4 & 119.6 as targets.

Comment: the pair has broken above a declining trend line and remains on the upside, the RSI stands above its neutrality area.

GBP/JPY intraday: the bias remains bullish.

Pivot: 139.75

Our preference: Long @ 139.9 with targets @ 141.25 & 142 in extension.

Alternative scenario: Below 139.75 look for further downside with 139.1 & 138.4 as targets.

Comment: the pair remains on the upside and is challenging its resistance, the RSI stands above its neutrality area and remains well directed.

AUD/USD intraday: the downside prevails.

Pivot: 1.0185

Our preference: Short positions below 1.0185 with targets @ 1.0105 & 1.008 in extension.

Alternative scenario: Above 1.0185 look for further upside with 1.0215 & 1.0255 as targets.

Comment: the pair has broken below its support and remains on the downside, the RSI is badly directed but is also oversold.

Cac 40 (Mar 13) intraday: continuation of the rebound.

Pivot: 3592

Our preference: LONG positions above 3592 with targets @ 3740 & 3785.

Alternative scenario: The downside penetration of 3592 will call for 3520 & 3460.

Comment : The index is holding above its support area around 3600 points.

Dax (Mar 13) intraday: consolidation.

Pivot: 7560

Our preference: LONG positions above 7560 with targets @ 7784 & 7847.

Alternative scenario: The downside penetration of 7560 will call for a slide towards 7537 & 7485.

Comment: the RSI is mixed to bullish.