Wednesday, June 1, 2011

Forex Trading Signals June 2nd 2011 (Pre- EU Market Open)

EUR/USD intraday: key ST resistance at 1.439 11 Pivot: 1.4390.
Most Likely Scenario: SHORT positions @ 1.438 with 1.43 & 1.4265 in sight.
Alternative scenario: The upside penetration of 1.439 will call for 1.4425 & 1.446.
Comment: The pair has broken below its bullish channel lower boundary and should face a weakness.
Trend: ST Ltd Upside; MT Range

GBP/USD intraday: under pressure. Pivot: 1.6375.
Most Likely Scenario: SHORT positions @ 1.6365 with 1.63 & 1.6265 as next targets.
Alternative scenario: The upside penetration of 1.6375 will call for a rebound towards 1.6425 & 1.6475.
Comment: The pair remains on the downside and is approaching its support.

USD/JPY intraday: under pressure. Pivot: 81.30.
Most Likely Scenario: SHORT positions @ 81.25 with targets @ 80.85 & 80.65.
Alternative scenario: The upside breakout of 81.3 will open the way to 81.4 & 81.6.
Comment: The pair is under pressure and is challenging its support.

AUD/USD intraday: under pressure. Pivot: 1.0655
Most Likely Scenario: Short positions below 1.0655 with targets @ 1.0535 & 1.048 in extension.
Alternative scenario: Above 1.0655 look for further upside with 1.072 & 1.0755 as targets.
Comment: The break below 1.0655 is a negative signal that has opened a path to 1.0535.

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