Trading Signals April 12th 2011 (Pre- EU Market Open)

EUR/USD

Pivot: 1.4345.

Most Likely Scenario: LONG positions @ 1.4355 with 1.444 & 1.449 as next targets.

Alternative scenario: The downside breakout of 1.4345 will open the way to 1.4275 & 1.423.

Comment: The pair is pulling back on its MT rising trend line ahead of further advance.

Trend: ST Ltd Upside; MT Range

GBP/USD intraday:

Pivot: 1.6255.

Most Likely Scenario: LONG positions @ 1.6265 with targets @ 1.6335 & 1.6365.

Alternative scenario: The downside penetration of 1.6255 will call for a slide towards 1.6215 & 1.6175.

Comment: The pair stands above its support and should post a rebound.

USD/JPY intraday: under pressure.

Pivot: 84.50.

Most Likely Scenario: SHORT positions @ 84.45 with targets @ 83.4 & 83.2.

Alternative scenario: The upside penetration of 84.5 will call for a rebound towards 85 & 85.5.

Comment: The pair has broken below its support and remains under pressure.

AUD/USD intraday: under pressure.

Pivot: 1.0485

Most Likely Scenario: Short positions below 1.0485 with targets @ 1.0375 & 1.034 in extension.

Alternative scenario: Above 1.0485 look for further upside with 1.0545 & 1.0585 as targets.

Comment: The RSI is capped by a declining trend line.