Free Morning Forex Trading signals – May 17, 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: intraday support around 1.2835

Pivot: 1.2835.

Our preference: LONG positions above 1.2835 with 1.293 & 1.2995 as next targets.

Alternative scenario: The downside breakout of 1.2835 will open the way to 1.279 & 1.2745.

Comment: the pair stands above its new support and is posting a rebound as the RSI is reversing up.

GBP/USD intraday: caution.

Pivot: 1.5230.

Our preference: LONG positions above 1.523 with 1.5285 & 1.533 as next targets.

Alternative scenario: The downside penetration of 1.523 will call for 1.519 & 1.515.

Comment: the pair is facing a pull back on its support, caution.

USD/JPY intraday: the bias remains bullish.

Pivot: 101.75.

Our preference: LONG positions @ 101.85 with 102.85 & 103.25 in sight.

Alternative scenario: The downside penetration of 101.75 will call for 101.25 & 100.8.

Comment: the pair has rebounded on its support and remains on the upside.

EUR/JPY intraday: bullish bias above 131.15.

Pivot: 131.15

Our preference: Long @ 131.3 with targets @ 131.95 & 132.4 in extension.

Alternative scenario: Below 131.15 look for further downside with 130.75 & 130.25 as targets.

Comment: the pair stands above its support and remains on the upside.

GBP/JPY intraday: bullish bias above 155.35.

Pivot: 155.35

Our preference: Long @ 155.5 with targets @ 156.45 & 156.75 in extension.

Alternative scenario: Below 155.35 look for further downside with 154.95 & 154.5 as targets.

Comment: the pair is facing a pull back on its support ahead of a rebound as the RSI is reversing up.

AUD/USD intraday: the downside prevails.

Pivot: 0.985

Our preference: Short @ 0.9825 with targets @ 0.9705 & 0.967 in extension.

Alternative scenario: Above 0.985 look for further upside with 0.9885 & 0.9915 as targets.

Comment: the pair remains in a bearish channel.

Cac 40 (May 13) intraday: the upside prevails.

Pivot: 3945

Our preference: LONG positions above 3945 with 4000 & 4010 in sight.

Alternative scenario: The downside breakout of 3945 will open the way to 3918 & 3903.

Comment : the RSI is negative but supported by a strong support.

Dax (Jun 13) intraday: intraday support around 8210

Pivot: 8210

Our preference: LONG positions above 8210 with 8400 & 8460 as next targets.

Alternative scenario: The downside breakout of 8210 will open the way to 8135 & 8010.

Comment: the RSI is supported by a rising trend line.