Free Afternoon Forex Trading signals – Apr 29, 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: 1.304

Our preference: Long positions above 1.304 with targets @ 1.3105 & 1.313 in extension.

Alternative scenario: Below 1.304 look for further downside with 1.3015 & 1.2995 as targets.

Comment: the pair remains on the upside and is challenging its resistance, the RSI is well directed.

GBP/USD intraday: further advance.

Pivot: 1.547

Our preference: Long positions above 1.547 with targets @ 1.554 & 1.5565 in extension.

Alternative scenario: Below 1.547 look for further downside with 1.5445 & 1.541 as targets.

Comment: the pair is facing a pull back but remains on the upside.

USD/CHF intraday: under pressure.

Pivot: 0.944

Our preference: Short positions below 0.944 with targets @ 0.938 & 0.936 in extension.

Alternative scenario: Above 0.944 look for further upside with 0.9455 & 0.9495 as targets.

Comment: the pair remains under pressure and is challenging its support.

USD/CAD intraday: the downside prevails.

Pivot: 1.0175

Our preference: Short @ 1.0155 with targets @ 1.0125 & 1.01 in extension.

Alternative scenario: Above 1.0175 look for further upside with 1.02 & 1.0225 as targets.

Comment: the pair is trading in a bearish channel.

Crude Oil (Jun 13) intraday: bullish bias above 92

Pivot: 92.00

Our preference: LONG positions above 92 with 93.85 & 95.1 as next targets.

Alternative scenario: The downside penetration of 92 will call for a slide towards 91.1 & 90.3.

Comment: the RSI is mixed with a bullish bias.

GOLD (Spot) intraday: bullish bias above 1448

Pivot: 1448.00

Our preference: LONG positions above 1448 with 1485 & 1507 as next targets.

Alternative scenario: The downside penetration of 1448 will call for a slide towards 1418 & 1404.

Comment: a support base at 1448 has formed and has allowed for a temporary stabilisation.

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

Pivot: 14590

Our preference: LONG positions above 14590 with 14720 & 14770 in sight.

Alternative scenario: The downside penetration of 14590 will call for a slide towards 14520 & 14400.

Comment: the RSI broke above a bearish trend line.

S&P 500 (Jun 13) intraday: bullish bias above 1568

Pivot: 1568

Our preference: LONG positions above 1568 with 1588 & 1593 in sight.

Alternative scenario: The downside breakout of 1568 will open the way to 1561 & 1556.

Comment: the RSI is supported by a bullish trend line.