Free Afternoon Forex Trading signals – Sep 16, 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: 1.331

Our preference: Long positions above 1.331 with targets @ 1.339 & 1.341 in extension.

Alternative scenario: Below 1.331 look for further downside with 1.328 & 1.325 as targets.

Comment: the pair stands above its new support and remains on the upside.

GBP/USD intraday: the upside prevails.

Pivot: 1.588

Our preference: Long positions above 1.588 with targets @ 1.597 & 1.6035 in extension.

Alternative scenario: Below 1.588 look for further downside with 1.583 & 1.577 as targets.

Comment: the pair stands above its support and remains on the upside.

USD/CHF intraday: under pressure.

Pivot: 0.9285

Our preference: Short positions below 0.9285 with targets @ 0.923 & 0.9215 in extension.

Alternative scenario: Above 0.9285 look for further upside with 0.931 & 0.9335 as targets.

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

USD/CAD intraday: consolidation.

Pivot: 1.035

Our preference: Short positions below 1.035 with targets @ 1.027 & 1.0245 in extension.

Alternative scenario: Above 1.035 look for further upside with 1.038 & 1.0415 as targets.

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

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

Pivot: 107.30

Our preference: SHORT positions below 107.3 with targets @ 105.6 & 104.7.

Alternative scenario: The upside penetration of 107.3 will call for 108.2 & 108.7.

Comment: as long as the resistance at 107.3 is not surpassed, the risk of the break below 105.6 remains high.

GOLD (Spot) intraday: rebound.

Pivot: 1307.00

Our preference: LONG positions above 1307 with 1334 & 1343 as next targets.

Alternative scenario: The downside penetration of 1307 will call for 1297 & 1288.

Comment: a support base at 1307 has formed and has allowed for a temporary stabilisation.

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

Pivot: 15310

Our preference: LONG positions above 15310 with 15510 & 15560 as next targets.

Alternative scenario: The downside penetration of 15310 will call for a slide towards 15210 & 15120.

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

S&P 500 (Dec 13) intraday: bullish bias above 1682

Pivot: 1682

Our preference: LONG positions above 1682 with targets @ 1705 & 1712.

Alternative scenario: The downside penetration of 1682 will call for a slide towards 1674 & 1670.

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