Free Afternoon Forex Trading signals – Apr 11, 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: further advance.

Pivot: 1.3055.

Our preference: LONG positions above 1.3055 with 1.316 & 1.32 in sight.

Alternative scenario: The downside breakout of 1.3055 will open the way to 1.303 & 1.2995.

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

GBP/USD intraday: further advance.

Pivot: 1.5315

Our preference: Long positions above 1.5315 with targets @ 1.541 & 1.545 in extension.

Alternative scenario: Below 1.5315 look for further downside with 1.5285 & 1.5245 as targets.

Comment: the pair is on the upside and is breaking above its resistance as the RSI is well directed.

USD/CHF intraday: under pressure.

Pivot: 0.9335

Our preference: Short positions below 0.9335 with targets @ 0.927 & 0.923 in extension.

Alternative scenario: Above 0.9335 look for further upside with 0.9365 & 0.939 as targets.

Comment: the pair is breaking below its support as the RSI is badly directed.

USD/CAD intraday: under pressure.

Pivot: 1.0115

Our preference: Short positions below 1.0115 with targets @ 1.006 & 1.004 in extension.

Alternative scenario: Above 1.0115 look for further upside with 1.014 & 1.0175 as targets.

Comment: the pair has broken below its support and remains on the downside.

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

Pivot: 93.40

Our preference: LONG positions above 93.4 with 94.8 & 95.6 in sight.

Alternative scenario: The downside penetration of 93.4 will call for a slide towards 92.9 & 91.9.

Comment: the RSI is supported by a rising trend line.

GOLD (Spot) intraday: key ST resistance at 1568

Pivot: 1568.00

Our preference: SHORT positions below 1568 with targets @ 1549 & 1540.

Alternative scenario: The upside penetration of 1568 will call for 1576 & 1583.

Comment: the descending 50 moving average suggests that gold prices still have potential for a decline.

Dow Jones (Jun 13) intraday: bullish bias above 14650

Pivot: 14650

Our preference: LONG positions above 14650 with 14770 & 14820 as next targets.

Alternative scenario: The downside penetration of 14650 will call for a slide towards 14530 & 14430.

Comment: the immediate trend remains up and the momentum is strong.

S&P 500 (Jun 13) intraday: the upside prevails.

Pivot: 1569

Our preference: LONG positions above 1569 with 1586 & 1591 in sight.

Alternative scenario: The downside penetration of 1569 will call for a slide towards 1556 & 1544.

Comment: the RSI is supported by a bullish trend line.