Free Afternoon Forex Trading signals – May 21, 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 1.2835

Pivot: 1.2835.

Our preference: LONG positions above 1.2835 with targets @ 1.29 & 1.293.

Alternative scenario: The downside penetration of 1.2835 will call for a slide towards 1.279 & 1.2745.

Comment: the pair has broken above an intraday declining trend line.

GBP/USD intraday: the downside prevails.

Pivot: 1.518

Our preference: Short positions below 1.518 with targets @ 1.511 & 1.507 in extension.

Alternative scenario: Above 1.518 look for further upside with 1.5225 & 1.528 as targets.

Comment: the break below 1.518 is a negative signal that has opened a path to 1.511.

USD/CHF intraday: key ST resistance at 0.9715.

Pivot: 0.9715

Our preference: Short positions below 0.9715 with targets @ 0.9645 & 0.959 in extension.

Alternative scenario: Above 0.9715 look for further upside with 0.975 & 0.98 as targets.

Comment: as long as the resistance at 0.9715 is not surpassed, the risk of the break below 0.9645 remains high.

USD/CAD intraday: key ST resistance at 1.031.

Pivot: 1.031

Our preference: Short positions below 1.031 with targets @ 1.021 & 1.0175 in extension.

Alternative scenario: Above 1.031 look for further upside with 1.0375 & 1.045 as targets.

Comment: as long as the resistance at 1.031 is not surpassed, the risk of the break below 1.021 remains high.

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

Pivot: 95.45

Our preference: LONG positions above 95.45 with 97.35 & 98.2 as next targets.

Alternative scenario: The downside breakout of 95.45 will open the way to 94.7 & 93.5.

Comment: the July Crude Oil stands within a bullish channel.

GOLD (Spot) intraday: bullish bias above 1363

Pivot: 1363.00

Our preference: LONG positions above 1363 with 1401 & 1419 as next targets.

Alternative scenario: The downside penetration of 1363 will call for 1336 & 1322.

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

Dow Jones (Jun 13) intraday: bullish bias above 15190

Pivot: 15190

Our preference: LONG positions above 15190 with targets @ 15380 & 15420.

Alternative scenario: The downside breakout of 15190 will open the way to 15145 & 15075.

Comment: the RSI is mixed to bullish.

S&P 500 (Jun 13) intraday: bullish bias above 1646

Pivot: 1646

Our preference: LONG positions above 1646 with 1672 & 1679 in sight.

Alternative scenario: The downside penetration of 1646 will call for a slide towards 1633 & 1626.

Comment: the RSI is mixed to bullish.