Free Morning Forex Trading signals – Mar 18, 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: 1.2980.

Our preference: SHORT positions @ 1.297 with 1.2875 & 1.2815 as next targets.

Alternative scenario: The upside breakout of 1.298 will open the way to 1.304 & 1.3105.

Comment: the pair has broken below its previous low and remains on the downside, the RSI is badly directed but is challenging its oversold area.

GBP/USD intraday: the upside prevails.

Pivot: 1.5065.

Our preference: LONG positions above 1.5065 with targets @ 1.5135 & 1.518.

Alternative scenario: The downside penetration of 1.5065 will call for 1.5045 & 1.5005.

Comment: the pair stands above its new support and should post a rebound as the RSI is turning up.

USD/JPY intraday: the downside prevails.

Pivot: 95.00.

Our preference: SHORT positions below 95 with 94.05 & 93.75 as next targets.

Alternative scenario: The upside breakout of 95 will open the way to 95.3 & 95.6.

Comment: the pair has broken below its support and should face further weakness as the RSI is badly directed.

EUR/JPY intraday: the downside prevails.

Pivot: 122.7

Our preference: Short positions below 122.7 with targets @ 121.5 & 121.05 in extension.

Alternative scenario: Above 122.7 look for further upside with 123.25 & 123.75 as targets.

Comment: the pair remains on the downside and should face further weakness as the RSI is badly directed.

GBP/JPY intraday: the downside prevails.

Pivot: 143.5

Our preference: Short positions below 143.5 with targets @ 141.95 & 141.5 in extension.

Alternative scenario: Above 143.5 look for further upside with 144 & 144.7 as targets.

Comment: the pair stands below its new resistance and should face further down move as the RSI is badly directed.

AUD/USD intraday: under pressure.

Pivot: 1.0395

Our preference: Short positions below 1.0395 with targets @ 1.0335 & 1.0305 in extension.

Alternative scenario: Above 1.0395 look for further upside with 1.0415 & 1.044 as targets.

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

Cac 40 (Apr 13) intraday: under pressure.

Pivot: 3872

Our preference: SHORT positions below 3872 with 3733 & 3690 as next targets.

Alternative scenario: The upside penetration of 3872 will call for a rebound towards 3905 & 3995.

Comment : the RSI is badly directed.

Dax (Jun 13) intraday: under pressure.

Pivot: 8050

Our preference: SHORT positions below 8050 with 7860 & 7790 in sight.

Alternative scenario: The upside penetration of 8050 will call for a rebound towards 8090 & 8130.

Comment: the RSI is capped by a declining trend line.