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

EUR/USD intraday

Pivot: 1.4375

Most Likely Scenario: Long positions above 1.4375 with targets @ 1.449 & 1.4515 in extension.

Alternative scenario: Below 1.4375 look for further downside with 1.4345 & 1.4275 as targets.

Comment: the pair has rebounded on its MT rising trend line, the RSI is well directed.


GBP/USD intraday: key ST resistance at 1.632.

Pivot: 1.632

Most Likely Scenario: Short positions below 1.632 with targets @ 1.6215 & 1.6175 in extension.

Alternative scenario: Above 1.632 look for further upside with 1.6365 & 1.643 as targets.

Comment: the pair has broken below its support and should face further weakness.


USD/JPY intraday: consolidation.

Pivot: 84.5

Most Likely Scenario: Short positions below 84.5 with targets @ 83.85 & 83.4 in extension.

Alternative scenario: Above 84.5 look for further upside with 85 & 85.5 as targets.

Comment: the pair is pulling back on its new resistance but remains under pressure.


AUD/USD intraday: up turn.

Pivot: 1.041

Most Likely Scenario: Long positions above 1.041 with targets @ 1.0545 & 1.0585 in extension.

Alternative scenario: Below 1.041 look for further downside with 1.0375 & 1.034 as targets.

Comment: the RSI broke above a declining trend line.