Free Forex Signal 27/07/2012

EUR/USD intraday: bullish bias above 1.2215. Pivot: 1.2215 Our preference: Long positions above 1.2215 with targets @ 1.232 & 1.236 in extension. Alternative scenario: Below 1.2215 look for further downside with 1.217 & 1.214 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

USD/CAD intraday: capped by a negative trend line. Pivot: 1.011 Our preference: Short positions below 1.011 with targets @ 1.006 & 1.002 in extension. Alternative scenario: Above 1.011 look for further upside with 1.0165 & 1.02 as targets. Comment: the RSI lacks upward momentum.

USD/JPY intraday: key ST resistance at 78.45. Pivot: 78.45 Our preference: Short positions below 78.45 with targets @ 77.9 & 77.75 in extension. Alternative scenario: Above 78.45 look for further upside with 78.65 & 78.8 as targets. Comment: the RSI is mixed with a bearish bias.

AUD/USD intraday: the upside prevails. Pivot: 1.038 Our preference: Long positions above 1.038 with targets @ 1.0445 & 1.049 in extension. Alternative scenario: Below 1.038 look for further downside with 1.03 & 1.025 as targets. Comment: the RSI is above its neutrality area at 50%.

GBP/USD intraday: bullish bias above 1.566. Pivot: 1.566 Our preference: Long positions above 1.566 with targets @ 1.5755 & 1.5775 in extension. Alternative scenario: Below 1.566 look for further downside with 1.563 & 1.559 as targets. Comment: a support base at 1.566 has formed and has allowed for a temporary stabilisation.

EUR/JPY intraday: further upside. Pivot: 95.2 Our preference: Long positions above 95.2 with targets @ 96.35 & 96.8 in extension. Alternative scenario: Below 95.2 look for further downside with 94.7 & 94.4 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.