Free Afternoon Forex Trading signals – May 16, 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: 1.2915

Our preference: Short positions below 1.2915 with targets @ 1.2825 & 1.279 in extension.

Alternative scenario: Above 1.2915 look for further upside with 1.2945 & 1.2995 as targets.

Comment: the pair is posting a rebound but stands below its resistance.

GBP/USD intraday: under pressure.

Pivot: 1.5275

Our preference: Short positions below 1.5275 with targets @ 1.519 & 1.516 in extension.

Alternative scenario: Above 1.5275 look for further upside with 1.531 & 1.533 as targets.

Comment: the pair remains under pressure and is challenging its support.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.959

Our preference: Long positions above 0.959 with targets @ 0.9745 & 0.98 in extension.

Alternative scenario: Below 0.959 look for further downside with 0.9555 & 0.951 as targets.

Comment: the pair is facing a pull back ahead of further advance.

USD/CAD intraday: supported by a rising trend line.

Pivot: 1.015

Our preference: Long positions above 1.015 with targets @ 1.022 & 1.0245 in extension.

Alternative scenario: Below 1.015 look for further downside with 1.013 & 1.0085 as targets.

Comment: the pair bounced off a rising trend line.

Crude Oil (Jun 13) intraday: rebound in sight.

Pivot: 93.25

Our preference: LONG positions above 93.25 with 94.5 & 95.6 in sight.

Alternative scenario: The downside breakout of 93.25 will open the way to 92.1 & 91.4.

Comment: the June Crude Oil stands above the 50% fibonacci retracement level at 93.25. The upside prevails, as long as 93.25 isn’t broken.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1399.00

Our preference: SHORT positions below 1399 with targets @ 1365 & 1346.

Alternative scenario: The upside penetration of 1399 will call for 1418 & 1431.

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

Dow Jones (Jun 13) intraday: bullish bias above 15140

Pivot: 15140

Our preference: LONG positions above 15140 with 15300 & 15330 as next targets.

Alternative scenario: The downside penetration of 15140 will call for a slide towards 15075 & 15000.

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

S&P 500 (Jun 13) intraday: bullish bias above 1643

Pivot: 1643

Our preference: LONG positions above 1643 with 1660 & 1664 in sight.

Alternative scenario: The downside breakout of 1643 will open the way to 1633 & 1626.

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