Forex Trading Signals June 29th 2011 (Pre- US Market Open)

EUR/USD intraday: bounce. Pivot: 1.4325
Most Likely Scenario: Long positions above 1.4325 with targets @ 1.4425 & 1.4455 in extension.
Alternative scenario: Below 1.4325 look for further downside with 1.4275 & 1.4235 as targets.
Comment: The pair has broken above its resistance and should post further advance as the RSI remains supported by a rising trend line.


GBP/USD intraday: the upside prevails. Pivot: 1.596
Most Likely Scenario: Long positions above 1.596 with targets @ 1.6045 & 1.6075 in extension.
Alternative scenario: Below 1.596 look for further downside with 1.5915 & 1.5885 as targets.
Comment: The pair stands above its support, the RSI is mixed to bullish.


USD/JPY intraday: the upside prevails. Pivot: 80.85
Most Likely Scenario: Long positions above 80.85 with targets @ 81.3 & 81.55 in extension.
Alternative scenario: Below 80.85 look for further downside with 80.7 & 80.5 as targets.
Comment: The pair remains on the upside as the RSI is supported by a rising trend line.


AUD/USD intraday: the upside prevails. Pivot: 1.0545
Most Likely Scenario: Long positions above 1.0545 with targets @ 1.062 & 1.065 in extension.
Alternative scenario: Below 1.0545 look for further downside with 1.05 & 1.0475 as targets.
Comment: The pair has broken above its channel upper boundary and remains on the upside.



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