Free Morning Forex Trading signals – May 20, 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: capped by a negative trend line.

Pivot: 1.2890.

Our preference: SHORT positions below 1.289 with 1.279 & 1.2745 in sight.

Alternative scenario: The upside penetration of 1.289 will call for a rebound towards 1.293 & 1.2995.

Comment: the pair is capped by a declining trend line and stands below a former support area at 1.285, now acting as a resistance.

GBP/USD intraday: under pressure.

Pivot: 1.5215.

Our preference: SHORT positions below 1.5215 with 1.5155 & 1.511 in sight.

Alternative scenario: The upside penetration of 1.5215 will call for a rebound towards 1.5255 & 1.533.

Comment: the break below 1.5215 is a negative signal that has opened a path to 1.5155.

USD/JPY intraday: intraday support around 102.6

Pivot: 102.60.

Our preference: LONG positions above 102.6 with 103.3 & 103.7 as next targets.

Alternative scenario: The downside breakout of 102.6 will open the way to 101.85 & 101.25.

Comment: a support base at 102.6 has formed and has allowed for a temporary stabilisation.

EUR/JPY intraday: intraday support around 131.8.

Pivot: 131.8

Our preference: Long positions above 131.8 with targets @ 132.55 & 133.2 in extension.

Alternative scenario: Below 131.8 look for further downside with 131.25 & 130.75 as targets.

Comment: intraday technical indicators are mixed and call for caution.

GBP/JPY intraday: intraday support around 155.6.

Pivot: 155.6

Our preference: Long positions above 155.6 with targets @ 156.75 & 157.3 in extension.

Alternative scenario: Below 155.6 look for further downside with 154.95 & 154.5 as targets.

Comment: a support base at 155.6 has formed and has allowed for a temporary stabilisation.

AUD/USD intraday: continuation of the rebound.

Pivot: 0.9705

Our preference: Long positions above 0.9705 with targets @ 0.982 & 0.985 in extension.

Alternative scenario: Below 0.9705 look for further downside with 0.967 & 0.96 as targets.

Comment: the par and the RSI broke above bearish trend lines.

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

Pivot: 3930

Our preference: LONG positions above 3930 with targets @ 4025 & 4050.

Alternative scenario: The downside penetration of 3930 will call for a slide towards 3895 & 3875.

Comment : A bullish continuation pattern in descending triangle is confirmed.

Dax (Jun 13) intraday: further advance.

Pivot: 8300

Our preference: LONG positions above 8300 with 8480 & 8520 in sight.

Alternative scenario: The downside penetration of 8300 will call for a slide towards 8210 & 8135.

Comment: the RSI is bullish and calls for further upside.