Free Afternoon Forex Trading signals – Feb 20, 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: intraday support around 1.3365.

Pivot: 1.3365

Our preference: Long positions above 1.3365 with targets @ 1.343 & 1.347 in extension.

Alternative scenario: Below 1.3365 look for further downside with 1.3325 & 1.3305 as targets.

Comment: the pair stands above its new support (former resistance) and should post further advance as the RSI stands above its oversold area.

GBP/USD intraday: the downside prevails.

Pivot: 1.536

Our preference: Short positions below 1.536 with targets @ 1.527 & 1.5235 in extension.

Alternative scenario: Above 1.536 look for further upside with 1.541 & 1.5445 as targets.

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

USD/CHF intraday: under pressure.

Pivot: 0.9255

Our preference: Short positions below 0.9255 with targets @ 0.9175 & 0.915 in extension.

Alternative scenario: Above 0.9255 look for further upside with 0.929 & 0.931 as targets.

Comment: the upward potential is likely to be limited by the resistance at 0.9255.

USD/CAD intraday: the bias remains bullish.

Pivot: 1.0105

Our preference: Long positions above 1.0105 with targets @ 1.015 & 1.017 in extension.

Alternative scenario: Below 1.0105 look for further downside with 1.008 & 1.005 as targets.

Comment: the RSI is bullish and calls for further upside.

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

Pivot: 97.50

Our preference: SHORT positions @ 97 with 95.75 & 94.65 in sight.

Alternative scenario: The upside penetration of 97.5 will call for 98.65 & 100.2.

Comment: the RSI is posting a bearish divergence (not confirmed yet).

GOLD (Spot) intraday: the downside prevails.

Pivot: 1619.00

Our preference: SHORT positions below 1619 with targets @ 1580 & 1565.

Alternative scenario: The upside penetration of 1619 will call for 1629 & 1640.

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

Dow Jones (Mar 13) intraday: bullish bias above 13955

Pivot: 13955

Our preference: LONG positions above 13955 with 14035 & 14070 in sight.

Alternative scenario: The downside penetration of 13955 will call for 13880 & 13800.

Comment: the RSI is bullish and calls for further advance.

S&P 500 (Mar 13) intraday: bullish bias above 1522

Pivot: 1522

Our preference: LONG positions @ 1527 with 1534 & 1538 as next targets.

Alternative scenario: The downside breakout of 1522 will open the way to 1515 & 1510.

Comment: a support base at 1522 has formed and has allowed for a temporary stabilisation.