Free Afternoon Forex Trading signals – Apr 2, 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: under pressure.

Pivot: 1.2875

Our preference: Short positions below 1.2875 with targets @ 1.28 & 1.277 in extension.

Alternative scenario: Above 1.2875 look for further upside with 1.2895 & 1.292 as targets.

Comment: the RSI is posting a bearish divergence which calls for further weakness.

GBP/USD intraday: under pressure.

Pivot: 1.522

Our preference: Short positions below 1.522 with targets @ 1.513 & 1.509 in extension.

Alternative scenario: Above 1.522 look for further upside with 1.526 & 1.529 as targets.

Comment: the pair has broken below its support and should face further weakness as the RSI is badly directed.

USD/CHF intraday: under pressure.

Pivot: 0.948

Our preference: Short positions below 0.948 with targets @ 0.943 & 0.9415 in extension.

Alternative scenario: Above 0.948 look for further upside with 0.9505 & 0.9525 as targets.

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

USD/CAD intraday: under pressure.

Pivot: 1.016

Our preference: Short positions below 1.016 with targets @ 1.012 & 1.0095 in extension.

Alternative scenario: Above 1.016 look for further upside with 1.018 & 1.02 as targets.

Comment: the pair has broken below its support and should face further weakness as the RSI is badly directed.

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

Pivot: 97.85

Our preference: SHORT positions below 97.85 with 95.9 & 95.25 in sight.

Alternative scenario: The upside penetration of 97.85 will call for a rebound towards 98.35 & 98.95.

Comment: the RSI has struck against a major resistance around 70% and is reversing down.

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1590.00

Our preference: LONG positions above 1590 with 1608 & 1617 as next targets.

Alternative scenario: The downside breakout of 1590 will open the way to 1576 & 1561.

Comment: a support base at 1590 has formed and has allowed for a temporary stabilisation.

Dow Jones (Jun 13) intraday: caution.

Pivot: 14570

Our preference: SHORT positions below 14570 with 14455 & 14390 in sight.

Alternative scenario: The upside penetration of 14570 will call for 14650 & 14715.

Comment: as long as 14570 is resistance, look for choppy price action with a bearish bias.

S&P 500 (Jun 13) intraday: key ST resistance at 1565

Pivot: 1565

Our preference: SHORT positions below 1565 with targets @ 1559 & 1552.

Alternative scenario: The upside penetration of 1565 will call for a rebound towards 1569 & 1574.

Comment: as long as 1565 is resistance, look for choppy price action with a bearish bias.