Free Forex Signal 20/07/2012 Friday, July 20, 2012

EUR/USD intraday: the downside prevails. Pivot: 1.2275 Our preference: Short positions below 1.2275 with targets @ 1.2175 & 1.2155 in extension. Alternative scenario: Above 1.2275 look for further upside with 1.23 & 1.2325 as targets. Comment: the pair has validated a bearish flag pattern and should face further drop.

USD/CAD intraday: key ST resistance at 1.0115. Pivot: 1.0115 Our preference: Short positions below 1.0115 with targets @ 1.006 & 1.0025 in extension. Alternative scenario: Above 1.0115 look for further upside with 1.0145 & 1.017 as targets. Comment: as long as 1.0115 is resistance, look for choppy price action with a bearish bias.

USD/JPY intraday: key ST resistance at 78.8. Pivot: 78.8 Our preference: Short positions below 78.8 with targets @ 78.4 & 78.25 in extension. Alternative scenario: Above 78.8 look for further upside with 79 & 79.2 as targets. Comment: as long as 78.8 is resistance, likely decline to 78.4.

AUD/USD intraday: the upside prevails. Pivot: 1.0375 Our preference: Long positions above 1.0375 with targets @ 1.045 & 1.05 in extension. Alternative scenario: Below 1.0375 look for further downside with 1.035 & 1.0315 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

GBP/USD intraday: bullish bias above 1.566. Pivot: 1.566 Our preference: Long positions above 1.566 with targets @ 1.5735 & 1.5755 in extension. Alternative scenario: Below 1.566 look for further downside with 1.562 & 1.5575 as targets. Comment: the pair is pulling back on its support.

EUR/JPY intraday: capped by a negative trend line. Pivot: 96.55 Our preference: Short positions below 96.55 with targets @ 95.8 & 95.55 in extension. Alternative scenario: Above 96.55 look for further upside with 96.85 & 97.1 as targets. Comment: the pair remains capped by a declining trend line and has borken below its support.