Free Afternoon Forex Trading signals – May 30, 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: turning down.

Pivot: 1.299

Our preference: Short positions below 1.299 with targets @ 1.2915 & 1.2875 in extension.

Alternative scenario: Above 1.299 look for further upside with 1.3025 & 1.305 as targets.

Comment: the pair is breaking below its support as the RSI is badly directed.

GBP/USD intraday: caution.

Pivot: 1.5115

Our preference: Long positions above 1.5115 with targets @ 1.5185 & 1.522 in extension.

Alternative scenario: Below 1.5115 look for further downside with 1.5095 & 1.507 as targets.

Comment: the pair is facing a pull back on its support, caution.

USD/CHF intraday: under pressure.

Pivot: 0.966

Our preference: Short positions below 0.966 with targets @ 0.9545 & 0.951 in extension.

Alternative scenario: Above 0.966 look for further upside with 0.9705 & 0.9735 as targets.

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

USD/CAD intraday: rebound.

Pivot: 1.033

Our preference: Long positions above 1.033 with targets @ 1.04 & 1.042 in extension.

Alternative scenario: Below 1.033 look for further downside with 1.0285 & 1.0245 as targets.

Comment: the pair is rebounding on its rising trend line and remains on the upside.

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

Pivot: 93.80

Our preference: SHORT positions below 93.8 with targets @ 92.2 & 91.45.

Alternative scenario: The upside breakout of 93.8 will open the way to 94.2 & 95.2.

Comment: the RSI is bearish and calls for further decline.

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1388.00

Our preference: LONG positions above 1388 with 1419 & 1430 in sight.

Alternative scenario: The downside penetration of 1388 will call for 1373 & 1354.

Comment: the break above 1398 is a positive signal that has opened a path to 1419.

Dow Jones (Jun 13) intraday: the downside prevails.

Pivot: 15410

Our preference: SHORT positions below 15410 with targets @ 15140 & 15075.

Alternative scenario: The upside penetration of 15410 will call for a rebound towards 15520 & 15570.

Comment: as long as 15410 is resistance, look for choppy price action with a bearish bias.

S&P 500 (Jun 13) intraday: the downside prevails.

Pivot: 1659

Our preference: SHORT positions below 1659 with 1633 & 1620 in sight.

Alternative scenario: The upside penetration of 1659 will call for 1673 & 1679.

Comment: as long as 1659 is resistance, look for choppy price action with a bearish bias.