Free Morning Forex Trading signals – May 08, 2013

EUR/USD GBP/USD USD/JPY EUR/JPY GBP/JPY AUD/USD CAC 40 DAX
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: 1.3050.

Our preference: LONG positions above 1.305 with 1.3115 & 1.315 as next targets.

Alternative scenario: The downside penetration of 1.305 will call for 1.302 & 1.299.

Comment: the pair is rebouding on its support as the RSI is reversing up.

GBP/USD intraday: under pressure.
Pivot: 1.5515.

Our preference: SHORT positions below 1.5515 with 1.545 & 1.5415 as next targets.

Alternative scenario: The upside breakout of 1.5515 will open the way to 1.554 & 1.557.

Comment: the pair stands below its resistance and remains under pressure as the RSI is capped by a declining trend line.

USD/JPY intraday: caution.
Pivot: 99.10.

Our preference: SHORT positions below 99.1 with 98.6 & 98.4 as next targets.

Alternative scenario: The upside penetration of 99.1 will call for 99.5 & 99.75.

Comment: the pair is challenging its new resistance, caution.

EUR/JPY intraday: rebound.
Pivot: 128.9

Our preference: Long positions above 128.9 with targets @ 130 & 130.4 in extension.

Alternative scenario: Below 128.9 look for further downside with 128.35 & 128 as targets.

Comment: the pair has rebounded on its new support and remains on the upside as the RSI is reversing up.

GBP/JPY intraday: under pressure.
Pivot: 153.6

Our preference: Short positions below 153.6 with targets @ 152.7 & 151.95 in extension.

Alternative scenario: Above 153.6 look for further upside with 154.25 & 154.85 as targets.

Comment: the pair has struck against its new resistance and remains under pressure, the RSI stands below its neutrality area.

AUD/USD intraday: key ST resistance at 1.02.
Pivot: 1.02

Our preference: Short positions below 1.02 with targets @ 1.015 & 1.0125 in extension.

Alternative scenario: Above 1.02 look for further upside with 1.023 & 1.025 as targets.

Comment: the pair is rebounding but stands below its new resistance, the RSI lacks upward momentum.

Cac 40 (May 13) intraday: target 3915
Pivot: 3833

Our preference: LONG positions above 3833 with 3915 & 3935 as next targets.

Alternative scenario: The downside penetration of 3833 will call for a slide towards 3775 & 3732.

Comment : the RSI advocates for further advance.

Dax (Jun 13) intraday: the upside prevails.
Pivot: 7893

Our preference: LONG positions above 7893 with 8230 & 8290 as next targets.

Alternative scenario: The downside penetration of 7893 will call for a slide towards 7780 & 7660.

Comment: the RSI advocates for further advance.

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