Free Afternoon Forex Trading signals – Apr 12, 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 downside prevails.

Pivot: 1.31

Our preference: Short positions below 1.31 with targets @ 1.2995 & 1.295 in extension.

Alternative scenario: Above 1.31 look for further upside with 1.3125 & 1.314 as targets.

Comment: the pair has broken below its rising trend line and should face further weakness.

GBP/USD intraday: rebound.

Pivot: 1.534

Our preference: Long positions above 1.534 with targets @ 1.541 & 1.545 in extension.

Alternative scenario: Below 1.534 look for further downside with 1.5285 & 1.5245 as targets.

Comment: the pair is rebounding on its support as the RSI is turning up.

USD/CHF intraday: the downside prevails.

Pivot: 0.9335

Our preference: Short positions below 0.9335 with targets @ 0.927 & 0.923 in extension.

Alternative scenario: Above 0.9335 look for further upside with 0.9365 & 0.939 as targets.

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

USD/CAD intraday: rebound.

Pivot: 1.008

Our preference: Long positions above 1.008 with targets @ 1.014 & 1.0175 in extension.

Alternative scenario: Below 1.008 look for further downside with 1.006 & 1.004 as targets.

Comment: the pair is rebounding and is breaking above its resistance, the RSI is well directed.

Crude Oil (May 13) intraday: towards 91.9

Pivot: 93.70

Our preference: SHORT positions below 93.7 with 91.9 & 91.3 as next targets.

Alternative scenario: The upside penetration of 93.7 will call for 94.8 & 95.6.

Comment: the bearish flag pattern calls for 91.9.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1558.00

Our preference: SHORT positions below 1558 with 1540 & 1530 as next targets.

Alternative scenario: The upside breakout of 1558 will open the way to 1568 & 1576.

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

Dow Jones (Jun 13) intraday: bullish bias above 14650

Pivot: 14650

Our preference: LONG positions above 14650 with targets @ 14830 & 14885.

Alternative scenario: The downside penetration of 14650 will call for a slide towards 14530 & 14430.

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

S&P 500 (Jun 13) intraday: the bias remains bullish.

Pivot: 1569

Our preference: LONG positions above 1569 with 1596 & 1605 in sight.

Alternative scenario: The downside breakout of 1569 will open the way to 1556 & 1544.

Comment: the RSI is mixed with a bullish bias.