Free Afternoon Forex Trading signals – Apr 19, 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: 1.302

Our preference: Long positions above 1.302 with targets @ 1.3115 & 1.315 in extension.

Alternative scenario: Below 1.302 look for further downside with 1.2985 & 1.295 as targets.

Comment: the pair is on the upside and is challenging its resistance.

GBP/USD intraday: the upside prevails.

Pivot: 1.53

Our preference: Long positions above 1.53 with targets @ 1.5375 & 1.541 in extension.

Alternative scenario: Below 1.53 look for further downside with 1.5255 & 1.521 as targets.

Comment: the pair is facing a pull back ahead of further advance.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.9275

Our preference: Long positions above 0.9275 with targets @ 0.934 & 0.9365 in extension.

Alternative scenario: Below 0.9275 look for further downside with 0.924 & 0.9205 as targets.

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

USD/CAD intraday: rebound.

Pivot: 1.023

Our preference: Long positions above 1.023 with targets @ 1.027 & 1.029 in extension.

Alternative scenario: Below 1.023 look for further downside with 1.02 & 1.0185 as targets.

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

Crude Oil (May 13) intraday: key ST resistance at 89

Pivot: 89.00

Our preference: SHORT positions below 89 with targets @ 86.3 & 85.6.

Alternative scenario: The upside penetration of 89 will call for 90.2 & 91.25.

Comment: the upward potential is likely to be limited by the resistance at 89.

GOLD (Spot) intraday: rebound expected.

Pivot: 1381.00

Our preference: LONG positions above 1381 with 1436 & 1473 as next targets.

Alternative scenario: The downside penetration of 1381 will call for 1363 & 1335.

Comment: the break above 1403 is a positive signal that has opened a path to 1473.

Dow Jones (Jun 13) intraday: key ST resistance at 14615

Pivot: 14615

Our preference: SHORT positions below 14615 with targets @ 14360 & 14300.

Alternative scenario: The upside penetration of 14615 will call for 14700 & 14770.

Comment: the RSI lacks upward momentum.

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

Pivot: 1557

Our preference: SHORT positions below 1557 with 1528 & 1524 in sight.

Alternative scenario: The upside breakout of 1557 will open the way to 1570 & 1579.

Comment: as long as 1557 is resistance, look for choppy price action with a bearish bias.