Forex Trading Signals 4th March 2012 (Pre-EU Market Open)

EUR/USD INTRADAY: KEY ST RESISTANCE AT 1.305
Pivot: 1.3050.
Most Likely Scenario: SHORT positions @ 1.304 with 1.297 & 1.2945 in sight.
Alternative scenario: The upside penetration of 1.305 will call for 1.3095 & 1.313.
Comment: the pair remains capped by a declining trend line and remains under pressure, the RSI is reversing down from its neutrality area.







GBP/USD INTRADAY: UNDER PRESSURE.
Pivot: 1.5090.
Most Likely Scenario: SHORT positions @ 1.508 with 1.498 & 1.495 as next targets.
Alternative scenario: The upside penetration of 1.509 will call for a rebound towards 1.515 & 1.522.
Comment: the pair stands below its new resistance (former support) and remains under pressure, the RSI stands below its neutrality area.






USD/JPY INTRADAY: THE UPSIDE PREVAILS.
Pivot: 92.70.
Most Likely Scenario: LONG positions above 92.7 with targets @ 93.9 & 94.3.
Alternative scenario: The downside breakout of 92.7 will open the way to 92 & 91.55.
Comment: the pair stands above its new support and remains on the upside, the RSI stands above its neutrality area.





AUD/USD INTRADAY: THE DOWNSIDE PREVAILS.
Pivot: 1.0185
Most Likely Scenario: Short positions below 1.0185 with targets @ 1.0105 & 1.008 in extension.
Alternative scenario: Above 1.0185 look for further upside with 1.0215 & 1.0255 as targets.
Comment: the pair has broken below its support and remains on the downside, the RSI is badly directed but is also oversold.