Free Afternoon Forex Trading signals – Mar 27, 2013

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

EUR/USD intraday: the downside prevails.

Pivot: 1.2855

Our preference: Short positions below 1.2855 with targets @ 1.2755 & 1.273 in extension.

Alternative scenario: Above 1.2855 look for further upside with 1.2895 & 1.292 as targets.

Comment: the pair has broken below its previous low and should face further weakness as the RSI is badly directed.

GBP/USD intraday: the downside prevails.

Pivot: 1.5185

Our preference: Short positions below 1.5185 with targets @ 1.507 & 1.5025 in extension.

Alternative scenario: Above 1.5185 look for further upside with 1.521 & 1.525 as targets.

Comment: the pair is breaking below its support and should face further weakness as the RSI is badly directed.

USD/CHF intraday: the upside prevails.

Pivot: 0.9465

Our preference: Long positions above 0.9465 with targets @ 0.955 & 0.9565 in extension.

Alternative scenario: Below 0.9465 look for further downside with 0.9445 & 0.941 as targets.

Comment: the pair is breaking above its resistance and should post further advance.

USD/CAD intraday: under pressure.

Pivot: 1.02

Our preference: Short positions below 1.02 with targets @ 1.015 & 1.014 in extension.

Alternative scenario: Above 1.02 look for further upside with 1.0215 & 1.0235 as targets.

Comment: the pair is rebounding but stands below its resistance.

Crude Oil (May 13) intraday: the bias remains bullish.

Pivot: 94.85

Our preference: LONG positions above 94.85 with 96.4 & 97.85 in sight.

Alternative scenario: The downside penetration of 94.85 will call for 94.1 & 93.6.

Comment: the RSI has just landed on a support around 30% and is reversing up.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1601.00

Our preference: SHORT positions below 1601 with targets @ 1590 & 1576.

Alternative scenario: The upside penetration of 1601 will call for a rebound towards 1608 & 1617.

Comment: as long as the resistance at 1601 is not surpassed, the risk of the break below 1590 remains high.

Dow Jones (Jun 13) intraday: the bias remains bullish.

Pivot: 14325

Our preference: LONG positions above 14325 with 14515 & 14570 as next targets.

Alternative scenario: The downside penetration of 14325 will call for a slide towards 14270 & 14205.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

S&P 500 (Jun 13) intraday: the bias remains bullish.

Pivot: 1540

Our preference: LONG positions above 1540 with targets @ 1569 & 1578.

Alternative scenario: The downside penetration of 1540 will call for a slide towards 1529 & 1518.

Comment: the RSI is mixed with a bullish bias.