Free Afternoon Forex Trading signals – May 10, 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: 1.305

Our preference: Short positions below 1.305 with targets @ 1.295 & 1.2915 in extension.

Alternative scenario: Above 1.305 look for further upside with 1.308 & 1.311 as targets.

Comment: the pair has validated a bearish flag and should face further weakness as the RSI is badly directed.

GBP/USD intraday: under pressure.

Pivot: 1.5455

Our preference: Short positions below 1.5455 with targets @ 1.537 & 1.5335 in extension.

Alternative scenario: Above 1.5455 look for further upside with 1.549 & 1.5515 as targets.

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

USD/CHF intraday: further advance.

Pivot: 0.947

Our preference: Long positions above 0.947 with targets @ 0.959 & 0.962 in extension.

Alternative scenario: Below 0.947 look for further downside with 0.9415 & 0.937 as targets.

Comment: the pair has broken above its previous high and should post further advance.

USD/CAD intraday: bullish bias above 1.006.

Pivot: 1.006

Our preference: Long positions above 1.006 with targets @ 1.01 & 1.0115 in extension.

Alternative scenario: Below 1.006 look for further downside with 1.004 & 1.0015 as targets.

Comment: the break above 1.006 is a positive signal that has opened a path to 1.01.

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

Pivot: 94.85

Our preference: LONG positions above 94.85 with 96.75 & 97.2 in sight.

Alternative scenario: The downside penetration of 94.85 will call for 93.7 & 92.95.

Comment: the RSI is mixed and calls for caution.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1449.00

Our preference: SHORT positions below 1449 with targets @ 1430 & 1423.

Alternative scenario: The upside penetration of 1449 will call for a rebound towards 1462 & 1476.

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

Dow Jones (Jun 13) intraday: bullish bias above 14950

Pivot: 14950

Our preference: LONG positions above 14950 with targets @ 15110 & 15150.

Alternative scenario: The downside penetration of 14950 will call for a slide towards 14875 & 14790.

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

S&P 500 (Jun 13) intraday: bullish bias above 1615

Pivot: 1615

Our preference: LONG positions above 1615 with targets @ 1632 & 1639.

Alternative scenario: The downside breakout of 1615 will open the way to 1607 & 1595.

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