Free Forex Signal 23/07/2012 Monday, July 23, 2012

EUR/USD intraday: the downside prevails. Pivot: 1.2175. Our Preference: SHORT positions below 1.2175 with 1.2035 & 1.2 as next targets. Alternative scenario: The upside penetration of 1.2175 will call for 1.22 & 1.223. Comment: the RSI has just struck against its neutrality area at 50% and is reversing down.

USD/CAD intraday: further advance. Pivot: 1.012 Our preference: Long positions above 1.012 with targets @ 1.02 & 1.023 in extension. Alternative scenario: Below 1.012 look for further downside with 1.0085 & 1.006 as targets. Comment: the RSI is well directed.

USD/JPY intraday: the downside prevails. Pivot: 78.4 Our preference: Short positions below 78.4 with targets @ 77.9 & 77.75 in extension. Alternative scenario: Above 78.4 look for further upside with 78.65 & 78.8 as targets. Comment: the RSI lacks upward momentum.

AUD/USD intraday: the downside prevails. Pivot: 1.035 Our preference: Short positions below 1.035 with targets @ 1.023 & 1.018 in extension. Alternative scenario: Above 1.035 look for further upside with 1.04 & 1.045 as targets. Comment: the RSI is bearish and calls for further decline.

GBP/USD intraday: under pressure. Pivot: 1.561 Our preference: Short positions below 1.561 with targets @ 1.548 & 1.5445 in extension. Alternative scenario: Above 1.561 look for further upside with 1.5655 & 1.5685 as targets. Comment: the RSI advocates for further downside.

EUR/JPY intraday: the downside prevails. Pivot: 95.3 Our preference: Short positions below 95.3 with targets @ 93.5 & 93 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.