Tuesday, May 10, 2011

Forex Trading Signals May 11th 2011 (Pre- EU Market Open)

EUR/USD intraday: continuation of the rebound.
Pivot: 1.4330.
Most Likely Scenario: LONG positions above 1.433 with 1.4445 & 1.451 in sight.
Alternative scenario: The downside breakout of 1.433 will open the way to 1.425 & 1.42.
Comment: The RSI is supported by a bullish trend line.
Trend: ST Ltd Upside; MT Range

GBP/USD intraday: rebound expected.
Pivot: 1.6310.
Most Likely Scenario: LONG positions @ 1.632 with 1.642 & 1.6465 in sight.
Alternative scenario: The downside penetration of 1.631 will call for 1.627 & 1.623.
Comment: The RSI is supported by a rising trend line.

USD/JPY intraday: bullish bias above 80.5
Pivot: 80.50.
Most Likely Scenario: LONG positions @ 80.6 with 81.3 & 81.5 as next targets.
Alternative scenario: The downside penetration of 80.5 will call for a slide towards 80.15 & 80.
Comment: The pair is trading in a tentative bullish channel.


AUD/USD intraday: supported by a rising trend line.
Pivot: 1.0775
Most Likely Scenario: Long @ 1.0782 with targets @ 1.0875 & 1.093 in extension.
Alternative scenario: Below 1.0775 look for further downside with 1.0735 & 1.071 as targets.
Comment: The pair remains supported by a rising trend line, the RSI is mixed to bullish.

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