Forex Trading Signals July 1st 2011 (Pre- EU Market Open)

EUR/USD intraday: the upside prevails.  Pivot: 1.4450.
Most Likely Scenario: LONG positions @ 1.446 with 1.455 & 1.46 in sight.
Alternative scenario: The downside breakout of 1.445 will open the way to 1.4375 & 1.4325.
Comment: The RSI is supported by a rising trend line, the pair is rebounding on its bullish channel lower boundary and should post further advance.
Trend: ST Ltd Upside; MT Range


GBP/USD intraday: continuation of the rebound.  Pivot: 1.6000.
Most Likely Scenario: LONG positions above 1.6 with targets @ 1.6125 & 1.617.
Alternative scenario: The downside penetration of 1.6 will call for 1.595 & 1.591.
Comment: The pair is rebounding on its support as the RSI is turning up.


USD/JPY intraday: the upside prevails.  Pivot: 80.40.
Most Likely Scenario: LONG positions above 80.4 with 80.9 & 81 in sight.
Alternative scenario: The downside penetration of 80.4 will call for 80.25 & 80.1.
Comment: The pair is challenging its resistance and should face a pull back ahead of further advance.


AUD/USD intraday: the upside prevails.  Pivot: 1.0665
Most Likely Scenario: Long positions above 1.0665 with targets @ 1.0755 & 1.078 in extension.
Alternative scenario: Below 1.0665 look for further downside with 1.0615 & 1.0575 as targets.
Comment: The pair should post a rebound on its support as the RSI is turning up.


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