Sunday, May 22, 2011

Forex Trading Signals May 23rd 2011 (Pre- EU Market Open)

EURUSD Pivot: 1.4200.
Most Likely Scenario: SHORT positions @ 1.419 with 1.402 & 1.3955 as next targets.
Alternative scenario: The upside penetration of 1.42 will call for a rebound towards 1.43 & 1.434.
Comment: The break below 1.42 is a negative signal that has opened a path to 1.402.
Trend: ST Ltd Upside; MT Range

GBP/USD intraday: under pressure. Pivot: 1.6300.
Most Likely Scenario: SHORT positions @ 1.629 with 1.6165 & 1.613 as next targets.
Alternative scenario: The upside penetration of 1.63 will call for a rebound towards 1.6385 & 1.642.
Comment: The RSI is capped by a declining trend line.

USD/JPY intraday: the upside prevails. Pivot: 81.45.
Most Likely Scenario: LONG positions @ 81.55 with 82.25 & 82.6 as next targets.
Alternative scenario: The downside penetration of 81.45 will call for 81.2 & 80.95.
Comment: The pair stands in a bullish channel.

AUD/USD intraday: the downside prevails. Pivot: 1.061
Most Likely Scenario: Short positions below 1.061 with targets @ 1.0535 & 1.05 in extension.
Alternative scenario: Above 1.061 look for further upside with 1.072 & 1.0745 as targets.
Comment: The RSI calls for a new downleg.

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