Gista Naija : Forex Trading Signals 2nd October 2013 (Pre-EU Market Open)

Wednesday, October 2, 2013

Forex Trading Signals 2nd October 2013 (Pre-EU Market Open)

Please note that due to market volatility, some of the below sight prices may have already been reached and scenarios played out.

EURUSD

Pivot: 1.3535.Most Likely Scenario: SHORT positions below 1.3535 with targets @ 1.349 & 1.347.
Alternative scenario: The upside breakout of 1.3535 will open the way to 1.356 & 1.3585.
Comment: the pair has broken below a rising trend line and remains under pressure.

See more after the cut

GBP/USD intraday: under pressure.
Pivot: 1.6220.Most Likely Scenario: SHORT positions below 1.622 with targets @ 1.612 & 1.607.
Alternative scenario: The upside penetration of 1.622 will call for a rebound towards 1.626 & 1.63.
Comment: the pair has broken below a bullish channel lower boundary and remains under pressure.

USD/JPY intraday: intraday support around 97.65
Pivot: 97.65.Most Likely Scenario: LONG positions above 97.65 with targets @ 98.1 & 98.55.
Alternative scenario: The downside breakout of 97.65 will open the way to 97.45 & 97.
Comment: the pair is facing a pull back on its support, the RSI remains supported by a rising trend line.

AUD/USD intraday: intraday support around 0.9355.
Pivot: 0.9355Most Likely Scenario: Long positions above 0.9355 with targets @ 0.9435 & 0.9455 in extension.
Alternative scenario: Below 0.9355 look for further downside with 0.9325 & 0.9285 as targets.
Comment: the pair has broken above a bearish channel resistance and completed a pullback towards a former resistance area now acting as a support.