Free Afternoon Forex Trading signals – May 06, 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: under pressure.

Pivot: 1.3150.

Our preference: SHORT positions below 1.315 with 1.3075 & 1.3035 as next targets.

Alternative scenario: The upside breakout of 1.315 will open the way to 1.318 & 1.322.

Comment: the pair stands below its new resistance and remains on the downside as the RSI is badly directed.

GBP/USD intraday: the bias remains bullish.

Pivot: 1.554

Our preference: Long positions above 1.554 with targets @ 1.5605 & 1.5635 in extension.

Alternative scenario: Below 1.554 look for further downside with 1.551 & 1.547 as targets.

Comment: the pair has struck against its resistance and is facing a pull back.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.933

Our preference: Long positions above 0.933 with targets @ 0.94 & 0.942 in extension.

Alternative scenario: Below 0.933 look for further downside with 0.931 & 0.9285 as targets.

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

USD/CAD intraday: under pressure.

Pivot: 1.01

Our preference: Short positions below 1.01 with targets @ 1.0045 & 1.0015 in extension.

Alternative scenario: Above 1.01 look for further upside with 1.013 & 1.015 as targets.

Comment: as long as 1.01 is resistance, look for choppy price action with a bearish bias.

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

Pivot: 95.35

Our preference: LONG positions above 95.35 with targets @ 97.2 & 98.

Alternative scenario: The downside penetration of 95.35 will call for 94.7 & 93.55.

Comment: intraday support around 95.35

GOLD (Spot) intraday: bullish bias above 1463

Pivot: 1463.00

Our preference: LONG positions above 1463 with 1486 & 1491.5 as next targets.

Alternative scenario: The downside penetration of 1463 will call for 1441 & 1418.

Comment: a support base at 1463 has formed and has allowed for a temporary stabilisation.

Dow Jones (Jun 13) intraday: bullish bias above 14785

Pivot: 14785

Our preference: LONG positions above 14785 with 15025 & 15090 in sight.

Alternative scenario: The downside penetration of 14785 will call for 14705 & 14625.

Comment: the break above 14785 is a positive signal that has opened a path to 15025.

S&P 500 (Jun 13) intraday: bullish bias above 1593

Pivot: 1593

Our preference: LONG positions above 1593 with targets @ 1615 & 1630.

Alternative scenario: The downside breakout of 1593 will open the way to 1581 & 1576.

Comment: technically, the RSI is above its neutrality area at 50.