PRE US OPEN, Daily Technical Analysis, 31 January 2012

EUR/USD intraday: the upside prevails. Pivot: 1.3115
Most Likely Scenario: Long positions above 1.3115 with targets @ 1.323 & 1.325 in extension.
Alternative scenario: Below 1.3115 look for further downside with 1.3075 & 1.305 as targets.
Comment: the pair is on the upside and is approaching its previous high.

GBP/USD intraday: further advance.
Pivot: 1.5725
Most Likely Scenario: Long positions above 1.5725 with targets @ 1.581 & 1.583 in extension.
Alternative scenario: Below 1.5725 look for further downside with 1.5655 & 1.5625 as targets.
Comment: the RSI is well directed.

USD/JPY intraday: key ST resistance at 76.6. 
Pivot: 76.6
Most Likely Scenario: Short positions below 76.6 with targets @ 76 & 75.75 in extension.
Alternative scenario: Above 76.6 look for further upside with 76.85 & 77.15 as targets.
Comment: technically, the RSI is below its neutrality area at 50.

AUD/USD intraday: further advance. Pivot: 1.061
Most Likely Scenario: Long positions above 1.061 with targets @ 1.0685 & 1.07 in extension.
Alternative scenario: Below 1.061 look for further downside with 1.0565 & 1.052 as targets.
Comment: the RSI is mixed to bullish.

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Forex Trading Signals November 18th 2011 (Pre-US Market Open)

EUR/USD intraday: under pressure.
Pivot: 1.3555
Most Likely Scenario: Short positions below 1.3555 with targets @ 1.3425 & 1.338 in extension.
Alternative scenario: Above 1.3555 look for further upside with 1.36 & 1.364 as targets.
Comment: the pair is posting a rebound but stands below its resistance.

GBP/USD intraday: rebound.
Pivot: 1.574
Most Likely Scenario: Long positions above 1.574 with targets @ 1.5875 & 1.593 in extension.
Alternative scenario: Below 1.574 look for further downside with 1.571 & 1.568 as targets.
Comment: the RSI is well directed, the pair is breaking above its resistance.

USD/JPY intraday: under pressure. 
Pivot: 77.2
Most Likely Scenario: Short positions below 77.2 with targets @ 76.5 & 76.3 in extension.
Alternative scenario: Above 77.2 look for further upside with 77.45 & 77.9 as targets.
Comment: the pair is on the downside and is breaking below its support.

AUD/USD intraday: the downside prevails. 
Pivot: 1.0085
Most Likely Scenario: Short positions below 1.0085 with targets @ 0.9965 & 0.99 in extension.
Alternative scenario: Above 1.0085 look for further upside with 1.012 & 1.017 as targets.
Comment: the pair remains within a bearish channel.


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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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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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Trader's Horoscope

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Forex Trading Signals June 30th 2011 (Pre- EU Market Open)

EUR/USD intraday: the upside prevails. Pivot: 1.4425.
Most Likely Scenario: LONG positions above 1.4425 with 1.4525 & 1.455 as next targets.
Alternative scenario: The downside penetration of 1.4425 will call for 1.4375 & 1.4325.
Comment: The RSI is supported by a rising trend line, the pair has broken above its previous high and remains on the upside.
Trend: ST Ltd Upside; MT Range


GBP/USD intraday: further advance. Pivot: 1.6030.
Most Likely Scenario: LONG positions above 1.603 with 1.6125 & 1.615 as next targets.
Alternative scenario: The downside penetration of 1.603 will call for a slide towards 1.6 & 1.595.
Comment: The pair remains on the upside and is approaching its next resistance.


USD/JPY intraday: key ST resistance at 80.7 Pivot: 80.70.
Most Likely Scenario: SHORT positions below 80.7 with 80.25 & 80.1 as next targets.
Alternative scenario: The upside breakout of 80.7 will open the way to 81 & 81.3.
Comment: The pair has broken below its support and remains under pressure as the RSI is badly directed.


AUD/USD intraday: watch 1.078. Pivot: 1.065
Most Likely Scenario: Long positions above 1.065 with targets @ 1.0755 & 1.078 in extension.
Alternative scenario: Below 1.065 look for further downside with 1.06 & 1.055 as targets.
Comment: The pair has broken above its previous high, the RSI remains supported by a rising trend line.



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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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Forex: EUR/USD strengthens ahead of Greek vote

The European single currency is strengthening against its American counterpart as investors remain optimistic ahead of the Greek austerity vote later today.
If Parliament fails to pass the proposed austerity measures, Greece will go bankrupt in two weeks.

Frommer's Greece (Frommer's Complete Guides)


From a technical point of view, “EUR/USD nice looking run higher on the day has come to a stop on the day just below the 50-day MA at 1.4404. The mkt holds up well at this point, so technically no reason to change the moderately bullish view right now,” says the FXMarketAlerts Team. “It's a waiting game now until Wed to see if a breakout at 1.4404/41 can occur.”

At the time of writing, EURUSD has opened the Asian trade in the 1.4370 price zone. To the upside, according to the FXMarketAlerts Team, resistance levels lie at 1.4397 (hourly high), 1.4400 (figure) and 1.4404 (50-day MA). To the downside, support levels lie at 1.4330/25 (recent tops), 1.4293 (break level) and 1.4250/35 (intraday level).




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Forex Trading Signals April 28th 2011 (Pre- US Market Open)

EUR/USD intraday: rebound expected. Pivot: 1.4235
Most Likely Scenario: Long positions above 1.4235 with targets @ 1.4325 & 1.4355 in extension.
Alternative scenario: Below 1.4235 look for further downside with 1.42 & 1.416 as targets.
Comment: The pair has struck against its resistance and is pulling back on its support ahead of a rebound.


GBP/USD intraday: rebound expected. Pivot: 1.5915
Most Likely Scenario: Long positions above 1.5915 with targets @ 1.601 & 1.604 in extension.
Alternative scenario: Below 1.5915 look for further downside with 1.5885 & 1.5825 as targets.
Comment: The pair stands above its support and should post a rebound.


USD/JPY intraday: the upside prevails. Pivot: 80.65
Most Likely Scenario: Long positions above 80.65 with targets @ 81 & 81.1 in extension.
Alternative scenario: Below 80.65 look for further downside with 80.5 & 80.35 as targets.
Comment: The pair is rebounding on its support as the RSI remains supported by a MT rising trend line.


AUD/USD intraday: intraday support around 1.0425. Pivot: 1.0425
Most Likely Scenario: Long positions above 1.0425 with targets @ 1.0485 & 1.052 in extension.
Alternative scenario: Below 1.0425 look for further downside with 1.039 & 1.036 as targets.
Comment: The pair is pulling back on its support ahead of a rebound.





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Forex Trading Signals June 28th 2011 (Pre- EU Market Open)

EUR/USD intraday: the upside prevails. Pivot: 1.4235.
Most Likely Scenario: LONG positions above 1.4235 with targets @ 1.4355 & 1.4425.
Alternative scenario: The downside penetration of 1.4235 will call for 1.42 & 1.416.
Comment: The pair has broken above its declining trend line and remains on the upside.
Trend: ST Ltd Upside; MT Range


GBP/USD intraday: caution. Pivot: 1.5915.
Most Likely Scenario: LONG positions above 1.5915 with 1.601 & 1.604 in sight.
Alternative scenario: The downside breakout of 1.5915 will open the way to 1.5885 & 1.5825.
Comment: The pair stands above its support but lacks upward momentum.


USD/JPY intraday: the upside prevails. Pivot: 80.65.
Most Likely Scenario: LONG positions above 80.65 with targets @ 81 & 81.1.
Alternative scenario: The downside penetration of 80.65 will call for 80.5 & 80.35.
Comment: The pair stands above its support and remains on the upside.


AUD/USD intraday: under pressure. Pivot: 1.0485
Most Likely Scenario: Short positions below 1.0485 with targets @ 1.0425 & 1.039 in extension.
Alternative scenario: Above 1.0485 look for further upside with 1.052 & 1.055 as targets.
Comment: The pair is posting a rebound but stands below its resistance, caution.





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Forex Trading Signals June 27th 2011 (Pre- EU Market Open)

EUR/USD intraday: under pressure. Pivot: 1.4200.
Most Likely Scenario: SHORT positions below 1.42 with targets @ 1.407 & 1.399.
Alternative scenario: The upside penetration of 1.42 will call for 1.425 & 1.431.
Comment: The pair has broken below its rising trend line and should face further weakness.
Trend: ST Ltd Upside; MT Range


GBP/USD intraday: under pressure. Pivot: 1.5995.
Most Likely Scenario: SHORT positions below 1.5995 with 1.5885 & 1.5825 in sight.
Alternative scenario: The upside penetration of 1.5995 will call for a rebound towards 1.604 & 1.6075.
Comment: The pair has broken below its support and remains on the downside.


USD/JPY intraday: the upside prevails. Pivot: 80.50.
Most Likely Scenario: LONG positions above 80.5 with targets @ 80.95 & 81.1.
Alternative scenario: The downside penetration of 80.5 will call for a slide towards 80.35 & 80.15.
Comment: The pair remains on the upside and is challenging its resistance.


AUD/USD intraday: under pressure. Pivot: 1.048
Most Likely Scenario: Short positions below 1.048 with targets @ 1.04 & 1.036 in extension.
Alternative scenario: Above 1.048 look for further upside with 1.052 & 1.055 as targets.
Comment: The pair is challenging the lower end of its channel.





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EURUSD Testing 1.4125

The EURUSD pair is currently testing support at 1.4125 as the selling wave intensifies.
A breach of 1.4125 to the downside will open the way towards 1.4075, which is the next line of support.

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EUR/USD intraday: further advance. Pivot: 1.423

Most Likely Scenario: Long positions above 1.423 with targets @ 1.4345 & 1.438 in extension.

Alternative scenario: Below 1.423 look for further downside with 1.419 & 1.4125 as targets.

Comment: The RSI is bullish and calls for further advance.

GBP/USD intraday: continuation of the rebound. Pivot: 1.598

Most Likely Scenario: Long positions above 1.598 with targets @ 1.6075 & 1.611 in extension.

Alternative scenario: Below 1.598 look for further downside with 1.5935 & 1.5885 as targets.

Comment: The price remains on the upside and is breaking through its resistance.

USD/JPY intraday: the downside prevails. Pivot: 80.4

Most Likely Scenario: Short positions below 80.4 with targets @ 80.15 & 80 in extension.

Alternative scenario: Above 80.4 look for further upside with 80.55 & 80.65 as targets.

Comment: The RSI is capped by a bearish trend line

AUD/USD intraday: continuation of the rebound. Pivot: 1.053

Most Likely Scenario: Long positions above 1.053 with targets @ 1.0615 & 1.065 in extension.

Alternative scenario: Below 1.053 look for further downside with 1.0505 & 1.0455 as targets.

Comment: A bullish flag pattern is confirmed, calling further upside.

Forex Trading Signals June 23rd 2011 (Pre- EU Market Open)

EUR/USD intraday: under pressure. Pivot: 1.4360.

Most Likely Scenario: SHORT positions @ 1.435 with 1.4255 & 1.4215 in sight.

Alternative scenario: The upside penetration of 1.436 will call for 1.442 & 1.4445.

Comment: the pair and its intraday RSI have broken below their rising trend lines and remain under pressure.

Trend: ST Ltd Upside; MT Range

GBP/USD intraday: the downside prevails. Pivot: 1.6110.

Most Likely Scenario: SHORT positions @ 1.61 with targets @ 1.602 & 1.597.

Alternative scenario: The upside breakout of 1.611 will open the way to 1.615 & 1.62.

Comment: the pair has broken below its support and remains under pressure.

USD/JPY intraday: the upside prevails. Pivot: 80.25.

Most Likely Scenario: LONG positions @ 80.3 with targets @ 80.65 & 80.8.

Alternative scenario: The downside penetration of 80.25 will call for a slide towards 80.15 & 80.

Comment: the pair stands above its new support and remains on the upside.

AUD/USD intraday: under pressure. Pivot: 1.0615

Most Likely Scenario: Short positions below 1.0615 with targets @ 1.053 & 1.05 in extension.

Alternative scenario: Above 1.0615 look for further upside with 1.0655 & 1.069 as targets.

Comment: the RSI is bearish and calls for further downside.

Forex Trading Signals June 22nd 2011 (Pre- US Market Open)

EUR/USD intraday: supported by a rising trend line.

Pivot: 1.4325

Most Likely Scenario: Long positions above 1.4325 with targets @ 1.4435 & 1.45 in extension.

Alternative scenario: Below 1.4325 look for further downside with 1.429 & 1.425 as targets.

Comment: the RSI is supported by a rising trend line, the pair remains within a bullish channel.

GBP/USD intraday: under pressure.

Pivot: 1.62

Most Likely Scenario: Short positions below 1.62 with targets @ 1.611 & 1.6075 in extension.

Alternative scenario: Above 1.62 look for further upside with 1.623 & 1.626 as targets.

Comment: the RSI is badly directed, the pair has broken below its support and remains under pressure.

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USD/JPY intraday: the downside prevails.

Pivot: 80.4

Most Likely Scenario: Short positions below 80.4 with targets @ 80 & 79.9 in extension.

Alternative scenario: Above 80.4 look for further upside with 80.5 & 80.7 as targets.

Comment: the pair has struck against its resistance and remains under pressure.

AUD/USD intraday: caution.

Pivot: 1.056

Most Likely Scenario: Long positions above 1.056 with targets @ 1.0625 & 1.0655 in extension.

Alternative scenario: Below 1.056 look for further downside with 1.053 & 1.05 as targets.

Comment: intraday technical indicators are mixed and call for caution.