Free Morning Forex Trading signals – May 02, 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 bias remains bullish.

Pivot: 1.3140.Our preference: LONG positions above 1.314 with 1.32 & 1.324 as next targets.

Alternative scenario: The downside breakout of 1.314 will open the way to 1.311 & 1.305.

Comment: the pair is facing a pull back on its new support ahead of further advance.

GBP/USD intraday: the bias remains bullish.

Pivot: 1.5515.Our preference: LONG positions above 1.5515 with 1.5605 & 1.5675 as next targets.

Alternative scenario: The downside breakout of 1.5515 will open the way to 1.547 & 1.5445.

Comment: the pair is pulling back on its bullish channel lower boundary.

USD/JPY intraday: under pressure.

Pivot: 97.75.Our preference: SHORT positions below 97.75 with targets @ 96.95 & 96.55.

Alternative scenario: The upside breakout of 97.75 will open the way to 98.2 & 98.5.

Comment: the pair stands below its new resistance and remains on the downside, the RSI is badly directed.

EUR/JPY intraday: the bias remains bullish.

Pivot: 127.85Our preference: Long positions above 127.85 with targets @ 128.9 & 129.4 in extension.

Alternative scenario: Below 127.85 look for further downside with 127.5 & 127.15 as targets.

Comment: the pair is facing a pull back on its support ahead of further advance.

GBP/JPY intraday: bullish bias above 150.8.

Pivot: 150.8Our preference: Long positions above 150.8 with targets @ 152.2 & 152.8 in extension.

Alternative scenario: Below 150.8 look for further downside with 150.4 & 149.9 as targets.

Comment: the pair is facing a pull back on its support ahead of further advance.

AUD/USD intraday: the downside prevails.

Pivot: 1.026Our preference: Short @ 1.024 with targets @ 1.0195 & 1.0165 in extension.

Alternative scenario: Above 1.026 look for further upside with 1.0285 & 1.03 as targets.

Comment: the break below 1.026 is a bearish signal calling for further weakness.

Cac 40 (May 13) intraday: target 3862

Pivot: 3730Our preference: LONG positions above 3730 with 3850 & 3862 in sight.

Alternative scenario: The downside breakout of 3730 will open the way to 3697 & 3655.

Comment : the RSI is mixed to bullish.

Dax (Jun 13) intraday: consolidation.

Pivot: 7770Our preference: LONG positions above 7770 with targets @ 7960 & 8040.

Alternative scenario: The downside penetration of 7770 will call for 7685 & 7660.

Comment: the RSI lacks upward momentum.