Forex Trading Signals May 16th 2011 (Pre- EU Market Open)

EUR/USD intraday: under pressure.
Pivot: 1.4170.

Most Likely Scenario: SHORT positions @ 1.416 with 1.403 & 1.3915 as next targets.
Alternative scenario: The upside penetration of 1.417 will call for 1.4215 & 1.432.
Comment: The pair remains within a bearish channel.

Trend: ST Ltd Upside; MT Range

GBP/USD intraday: under pressure.
Pivot: 1.6240.
Most Likely Scenario: SHORT positions @ 1.623 with targets @ 1.6145 & 1.6105.
Alternative scenario: The upside penetration of 1.624 will call for a rebound towards 1.6275 & 1.6325.
Comment: The pair remains capped by a declining trend line.

USD/JPY intraday: under pressure.
Pivot: 81.10.
Most Likely Scenario: SHORT positions @ 81.05 with targets @ 80.7 & 80.45.
Alternative scenario: The upside breakout of 81.1 will open the way to 81.35 & 81.7.
Comment: The pair has struck against its resistance, the RSI lacks upward momentum.

AUD/USD intraday: consolidation.
Pivot: 1.06
Most Likely Scenario: Short positions below 1.06 with targets @ 1.0515 & 1.0455 in extension.
Alternative scenario: Above 1.06 look for further upside with 1.065 & 1.072 as targets.
Comment: The RSI is below its neutrality area at 50% but reversing up.