Free Afternoon Forex Trading signals – Aug 5, 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 bias remains bullish.

Pivot: 1.323

Our preference: Long positions above 1.323 with targets @ 1.33 & 1.3345 in extension.

Alternative scenario: Below 1.323 look for further downside with 1.3195 & 1.3175 as targets.

Comment: the pair is facing a pull back but stands above its support.

GBP/USD intraday: the bias remains bullish.

Pivot: 1.526

Our preference: Long positions above 1.526 with targets @ 1.538 & 1.5415 in extension.

Alternative scenario: Below 1.526 look for further downside with 1.522 & 1.5175 as targets.

Comment: the pair remains on the upside and is approaching its next resistance.

USD/CHF intraday: under pressure.

Pivot: 0.9335

Our preference: Short positions below 0.9335 with targets @ 0.927 & 0.925 in extension.

Alternative scenario: Above 0.9335 look for further upside with 0.9355 & 0.9395 as targets.

Comment: the pair is rebounding but stands below its resistance.

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

Pivot: 1.033

Our preference: Long positions above 1.033 with targets @ 1.044 & 1.0495 in extension.

Alternative scenario: Below 1.033 look for further downside with 1.0275 & 1.0245 as targets.

Comment: the RSI lacks downward momentum.

Crude Oil (Sep 13) intraday: key ST resistance at 107.7

Pivot: 107.70

Our preference: SHORT positions below 107.7 with 105 & 103.75 in sight.

Alternative scenario: The upside penetration of 107.7 will call for 108.8 & 110.7.

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

GOLD (Spot) intraday: further advance.

Pivot: 1283.00

Our preference: LONG positions above 1283 with 1328 & 1339 as next targets.

Alternative scenario: The downside penetration of 1283 will call for 1266 & 1244.

Comment: the RSI is mixed and calls for caution.

Dow Jones (Sep 13) intraday: the bias remains bullish.

Pivot: 15490

Our preference: LONG positions above 15490 with 15640 & 15670 as next targets.

Alternative scenario: The downside breakout of 15490 will open the way to 15430 & 15395.

Comment: the RSI lacks downward momentum.

S&P 500 (Sep 13) intraday: bullish bias above 1694

Pivot: 1694

Our preference: LONG positions above 1694 with targets @ 1709 & 1712.

Alternative scenario: The downside penetration of 1694 will call for 1687 & 1677.

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