Forex Trading Signals July 5th 2011 (Pre- EU Market Open)

EUR/USD intraday: rebound expected. Pivot: 1.4450.
Most Likely Scenario: LONG positions @ 1.446 with targets @ 1.4525 & 1.4555.
Alternative scenario: The downside breakout of 1.445 will open the way to 1.442 & 1.4375.
Comment: The pair is pulling back on its support and should post a rebound as the RSI is turning up.Trend: ST Ltd Upside; MT Range


GBP/USD intraday: caution. Pivot: 1.6020.
Most Likely Scenario: LONG positions @ 1.603 with targets @ 1.6075 & 1.6115.
Alternative scenario: The downside penetration of 1.602 will call for a slide towards 1.599 & 1.595.
Comment: The pair and its intraday RSI are pulling back on their rising trend lines, caution.


USD/JPY intraday: the upside prevails. Pivot: 80.70.
Most Likely Scenario: LONG positions above 80.7 with targets @ 81.2 & 81.3.
Alternative scenario: The downside penetration of 80.7 will call for 80.5 & 80.4.
Comment: The pair has rebounded on its support and should post further advance as the RSI is well directed.


AUD/USD intraday: consolidation in place.
Pivot: 1.073


Most Likely Scenario: Short positions below 1.073 with targets @ 1.0625 & 1.06 in extension.


Alternative scenario: Above 1.073 look for further upside with 1.0775 & 1.08 as targets.


Comment: The pair escaped from an upward sloping channel

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