Free Forex Signal 24/07/2012

EUR/USD intraday: key resistance at 1.217. Pivot: 1.217 Our preference: Short positions below 1.217 with targets @ 1.2065 & 1.2035 in extension. Alternative scenario: Above 1.217 look for further upside with 1.22 & 1.223 as targets. Comment: as long as 1.217 is resistance, look for choppy price action with a bearish bias.

USD/CAD intraday: the bias remains bullish. Pivot: 1.015 Our preference: Long positions above 1.015 with targets @ 1.02 & 1.023 in extension. Alternative scenario: Below 1.015 look for further downside with 1.011 & 1.0085 as targets. Comment: the RSI lacks downward momentum.

USD/JPY intraday: intraday support around 78.1. Pivot: 78.1 Our preference: Long positions above 78.1 with targets @ 78.45 & 78.65 in extension. Alternative scenario: Below 78.1 look for further downside with 77.9 & 77.75 as targets. Comment: the RSI lacks downward momentum.

AUD/USD intraday: under pressure. Pivot: 1.033 Our preference: Short @ 1.0282 with targets @ 1.023 & 1.018 in extension. Alternative scenario: Above 1.033 look for further upside with 1.0365 & 1.04 as targets. Comment: the RSI lacks upward momentum.

GBP/USD intraday: key ST resistance at 1.558. Pivot: 1.558 Our preference: Short positions below 1.558 with targets @ 1.548 & 1.5445 in extension. Alternative scenario: Above 1.558 look for further upside with 1.563 & 1.567 as targets. Comment: as long as 1.558 is resistance, look for choppy price action with a bearish bias.

EUR/JPY intraday: the downside prevails. Pivot: 95.3 Our preference: Short positions below 95.3 with targets @ 94.2 & 93.5 in extension. Alternative scenario: Above 95.3 look for further upside with 96.1 & 96.85 as targets. Comment: as long as 95.3 is resistance, look for choppy price action with a bearish bias.