Wednesday, May 25, 2011

Forex Trading Signals May 26th 2011 (Pre- EU Market Open)

EUR/USD intraday: target 1.4235 Pivot: 1.4100.
Most Likely Scenario: LONG positions @ 1.411 with targets @ 1.42 & 1.4235.
Alternative scenario: The downside penetration of 1.41 will call for 1.404 & 1.4015.
Comment: the pair validated a symmetrical triangle calling for a rise towards 1.4235.
Trend: ST Ltd Upside; MT Range

GBP/USD intraday: further advance. Pivot: 1.6260.
Most Likely Scenario: LONG positions @ 1.627 with 1.634 & 1.638 in sight.
Alternative scenario: The downside penetration of 1.626 will call for 1.62 & 1.6165.
Comment: the pair has broken above a short-term bearish channel resistance.

USD/JPY intraday: testing the channel support. Pivot: 81.60.
Most Likely Scenario: LONG positions @ 81.66 with 82.1 & 82.25 as next targets.
Alternative scenario: The downside penetration of 81.6 will call for a slide towards 81.3 & 80.95.
Comment: the pair stands in a bullish channel.

AUD/USD intraday: the upside prevails. Pivot: 1.055
Most Likely Scenario: Long positions above 1.055 with targets @ 1.0615 & 1.0675 in extension.
Alternative scenario: Below 1.055 look for further downside with 1.051 & 1.044 as targets.
Comment: the RSI advocates for further upside.

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