Free Afternoon Forex Trading signals – June 05, 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 upside prevails.

Pivot: 1.303

Our preference: Long positions above 1.303 with targets @ 1.3105 & 1.313 in extension.

Alternative scenario: Below 1.303 look for further downside with 1.299 & 1.295 as targets.

Comment: the pair is rebounding above its support as the RSI is reversing up.

GBP/USD intraday: the upside prevails.

Pivot: 1.527

Our preference: Long positions above 1.527 with targets @ 1.5375 & 1.541 in extension.

Alternative scenario: Below 1.527 look for further downside with 1.523 & 1.5185 as targets.

Comment: the pair remains on the upside and is approaching its previous high.

USD/CHF intraday: under pressure.

Pivot: 0.9515

Our preference: Short positions below 0.9515 with targets @ 0.945 & 0.94 in extension.

Alternative scenario: Above 0.9515 look for further upside with 0.9535 & 0.9585 as targets.

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

USD/CAD intraday: the bias remains bullish.

Pivot: 1.0305

Our preference: Long positions above 1.0305 with targets @ 1.038 & 1.042 in extension.

Alternative scenario: Below 1.0305 look for further downside with 1.0275 & 1.0255 as targets.

Comment: the pair remains on the upside and is challenging its channel upper boundary.

Crude Oil (Jul 13) intraday: further upside.

Pivot: 93.15

Our preference: LONG positions above 93.15 with targets @ 95.2 & 95.85.

Alternative scenario: The downside breakout of 93.15 will open the way to 91.35 & 90.35.

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

GOLD (Spot) intraday: further advance.

Pivot: 1390.00

Our preference: LONG positions above 1390 with 1408 & 1422 as next targets.

Alternative scenario: The downside breakout of 1390 will open the way to 1374 & 1354.

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

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

Pivot: 15300

Our preference: SHORT positions below 15300 with 14950 & 14875 in sight.

Alternative scenario: The upside penetration of 15300 will call for a rebound towards 15410 & 15520.

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

S&P 500 (Jun 13) intraday: capped by a negative trend line.

Pivot: 1644

Our preference: SHORT positions below 1644 with 1608 & 1595 in sight.

Alternative scenario: The upside penetration of 1644 will call for 1659 & 1673.

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