Free Forex Signal 25/07/2012

EUR/USD intraday: continuation of the rebound. Pivot: 1.21 Our preference: Long positions above 1.21 with targets @ 1.218 & 1.2215 in extension. Alternative scenario: Below 1.21 look for further downside with 1.2035 & 1.2 as targets. Comment: the RSI calls for a rebound.

USD/CAD intraday: the downside prevails. Pivot: 1.02 Our preference: Short positions below 1.02 with targets @ 1.016 & 1.0125 in extension. Alternative scenario: Above 1.02 look for further upside with 1.023 & 1.025 as targets. Comment: the RSI is badly directed.

USD/JPY intraday: capped by a negative trend line. 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 lacks upward momentum.

AUD/USD intraday: under pressure. Pivot: 1.0285 Our preference: Short positions below 1.0285 with targets @ 1.018 & 1.0155 in extension. Alternative scenario: Above 1.0285 look for further upside with 1.032 & 1.0365 as targets. Comment: the RSI lacks upward momentum.

GBP/USD intraday: key ST resistance at 1.555. Pivot: 1.555 Our preference: Short positions below 1.555 with targets @ 1.548 & 1.5445 in extension. Alternative scenario: Above 1.555 look for further upside with 1.558 & 1.561 as targets. Comment: as long as the resistance at 1.555 is not surpassed, the risk of the break below 1.548 remains high.

EUR/JPY intraday: key ST resistance at 95.2. Pivot: 95.2 Our preference: Short positions below 95.2 with targets @ 94.05 & 93.5 in extension. Alternative scenario: Above 95.2 look for further upside with 96.1 & 96.55 as targets. Comment: as long as 95.2 is resistance, look for choppy price action with a bearish bias.