Free Forex Signal 31/07/2012 Tuesday, July 31, 2012

EUR/USD intraday: key resistance at 1.233. Pivot: 1.233 Our preference: Short positions below 1.233 with targets @ 1.222 & 1.217 in extension. Alternative scenario: Above 1.233 look for further upside with 1.239 & 1.244 as targets. Comment: as long as 1.233 is resistance, likely decline to 1.222.

USD/CAD intraday: key ST resistance at 1.005. Pivot: 1.005 Our preference: Short positions below 1.005 with targets @ 0.997 & 0.9925 in extension. Alternative scenario: Above 1.005 look for further upside with 1.011 & 1.0165 as targets. Comment: the RSI lacks upward momentum.

USD/JPY intraday: the downside prevails. Pivot: 78.4 Our preference: Short positions below 78.4 with targets @ 78.05 & 77.9 in extension. Alternative scenario: Above 78.4 look for further upside with 78.65 & 78.8 as targets. Comment: as long as 78.4 is resistance, look for choppy price action with a bearish bias.

AUD/USD intraday: further advance. Pivot: 1.047 Our preference: Long positions above 1.047 with targets @ 1.055 & 1.06 in extension. Alternative scenario: Below 1.047 look for further downside with 1.042 & 1.038 as targets. Comment: the RSI is bullish and calls for further advance.

GBP/USD intraday: intraday support around 1.566. Pivot: 1.566 Our preference: Long positions above 1.566 with targets @ 1.5775 & 1.58 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: key ST resistance at 96.5. Pivot: 96.5 Our preference: Short positions below 96.5 with targets @ 95.2 & 94.7 in extension. Alternative scenario: Above 96.5 look for further upside with 97.3 & 97.7 as targets. Comment: as long as 96.5 is resistance, expect a return to 95.2.