Free Afternoon Forex Trading signals – Apr 22, 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: bullish bias above 1.302.

Pivot: 1.302

Our preference: Long positions above 1.302 with targets @ 1.3085 & 1.3115 in extension.

Alternative scenario: Below 1.302 look for further downside with 1.2985 & 1.295 as targets.

Comment: the pair is facing a pull back on it ssupport.

GBP/USD intraday: under pressure.

Pivot: 1.5285

Our preference: Short positions below 1.5285 with targets @ 1.521 & 1.517 in extension.

Alternative scenario: Above 1.5285 look for further upside with 1.5315 & 1.5375 as targets.

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

USD/CHF intraday: the bias remains bullish.

Pivot: 0.93

Our preference: Long positions above 0.93 with targets @ 0.9365 & 0.938 in extension.

Alternative scenario: Below 0.93 look for further downside with 0.9275 & 0.924 as targets.

Comment: the pair remains on the upside and is challenging its resistance.

USD/CAD intraday: bullish bias above 1.023.

Pivot: 1.023

Our preference: Long positions above 1.023 with targets @ 1.027 & 1.029 in extension.

Alternative scenario: Below 1.023 look for further downside with 1.02 & 1.0185 as targets.

Comment: the pair remains on the upside and is approaching its resistance, the RSI is well directed.

Crude Oil (Jun 13) intraday: the downside prevails.

Pivot: 89.35

Our preference: SHORT positions below 89.35 with 87.8 & 86.6 as next targets.

Alternative scenario: The upside penetration of 89.35 will call for a rebound towards 90.6 & 92.1.

Comment: as long as the resistance at 89.35 is not surpassed, the risk of the break below 87.8 remains high.

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1391.00

Our preference: LONG positions above 1391 with 1473 & 1507 as next targets.

Alternative scenario: The downside breakout of 1391 will open the way to 1363 & 1335.

Comment: the break above 1403 is a positive signal that has opened a path to 1473.

Dow Jones (Jun 13) intraday: capped by a negative trend line.

Pivot: 14590

Our preference: SHORT positions below 14590 with targets @ 14360 & 14300.

Alternative scenario: The upside penetration of 14590 will call for a rebound towards 14700 & 14770.

Comment: as long as 14590 is resistance, look for choppy price action with a bearish bias.

S&P 500 (Jun 13) intraday: key ST resistance at 1557

Pivot: 1557

Our preference: SHORT positions below 1557 with 1528 & 1524 as next targets.

Alternative scenario: The upside penetration of 1557 will call for 1570 & 1579.

Comment: as long as 1557 is resistance, look for choppy price action with a bearish bias.