Free Morning Forex Trading signals – May 09, 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: 1.3100.

Our preference: LONG positions above 1.31 with 1.3215 & 1.324 in sight.

Alternative scenario: The downside penetration of 1.31 will call for 1.305 & 1.302.

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

GBP/USD intraday: the bias remains bullish.

Pivot: 1.5490.

Our preference: LONG positions above 1.549 with 1.5565 & 1.56 in sight.

Alternative scenario: The downside penetration of 1.549 will call for a slide towards 1.545 & 1.5415.

Comment: the pair has broken above its declining trend line and is facing a pull back ahead of further advance.

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

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 capped by a declining trend line and is challenging its support.

EUR/JPY intraday: the upside prevails.

Pivot: 129.5

Our preference: Long positions above 129.5 with targets @ 130.4 & 131 in extension.

Alternative scenario: Below 129.5 look for further downside with 128.9 & 128.35 as targets.

Comment: the pair remains on the upside and is challenging its resistance.

GBP/JPY intraday: the bias remains bullish.

Pivot: 152.7

Our preference: Long positions above 152.7 with targets @ 154.25 & 154.85 in extension.

Alternative scenario: Below 152.7 look for further downside with 151.95 & 151.5 as targets.

Comment: the pair is facing a pull back on its new support ahead of a rebound, the RSI stands above its oversold area.

AUD/USD intraday: the upside prevails.

Pivot: 1.019

Our preference: Long positions above 1.019 with targets @ 1.0255 & 1.029 in extension.

Alternative scenario: Below 1.019 look for further downside with 1.015 & 1.011 as targets.

Comment: the next resistances are at 1.0255 and then at 1.029.

Cac 40 (May 13) intraday: towards 3950

Pivot: 3833

Our preference: LONG positions above 3833 with targets @ 3935 & 3950.

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

Comment : the RSI advocates for further advance.

Dax (Jun 13) intraday: the upside prevails.

Pivot: 8010

Our preference: LONG positions above 8010 with targets @ 8290 & 8340.

Alternative scenario: The downside penetration of 8010 will call for a slide towards 7895 & 7780.

Comment: the RSI advocates for further advance.

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Note: We recommend not to use more than 5% of your equity in open trades at one time. Risk management is very important to minimize losses and maximize profits.
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