Free Afternoon Forex Trading signals – Apr 8, 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: 1.2965

Our preference: Long positions above 1.2965 with targets @ 1.304 & 1.307 in extension.

Alternative scenario: Below 1.2965 look for further downside with 1.2935 & 1.288 as targets.

Comment: the pair has validated a bullish flag and remains on the upside, the RSI is well directed.

GBP/USD intraday: the upside prevails.

Pivot: 1.526

Our preference: Long positions above 1.526 with targets @ 1.536 & 1.541 in extension.

Alternative scenario: Below 1.526 look for further downside with 1.521 & 1.515 as targets.

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

USD/CHF intraday: the downside prevails.

Pivot: 0.939

Our preference: Short positions below 0.939 with targets @ 0.9305 & 0.927 in extension.

Alternative scenario: Above 0.939 look for further upside with 0.9435 & 0.9465 as targets.

Comment: the pair stands below its resistance and remains on the downside, the RSI is badly directed.

USD/CAD intraday: under pressure.

Pivot: 1.0195

Our preference: Short positions below 1.0195 with targets @ 1.014 & 1.012 in extension.

Alternative scenario: Above 1.0195 look for further upside with 1.0215 & 1.0235 as targets.

Comment: the pair has struck against its resistance and remains under pressure, the RSI is badly directed.

Crude Oil (May 13) intraday: rebound in sight.

Pivot: 92.70

Our preference: LONG positions above 92.7 with 94.2 & 94.8 in sight.

Alternative scenario: The downside breakout of 92.7 will open the way to 91.9 & 91.3.

Comment: the RSI is bullish and calls for further upside.

GOLD (Spot) intraday: bounce.

Pivot: 1560.00

Our preference: LONG positions above 1560 with 1584 & 1589 as next targets.

Alternative scenario: The downside penetration of 1560 will call for a slide towards 1555 & 1549.

Comment: the 50 moving average is heading up. The RSI is above its neutrality area at 50%. A test of 1589 seems likely.

Dow Jones (Jun 13) intraday: bullish bias above 14350

Pivot: 14350

Our preference: LONG positions above 14350 with targets @ 14555 & 14610.

Alternative scenario: The downside penetration of 14350 will call for 14310 & 14270.

Comment: technically, the RSI is above its neutrality area at 50.

S&P 500 (Jun 13) intraday: bullish bias above 1533

Pivot: 1533

Our preference: LONG positions above 1533 with 1556 & 1563 in sight.

Alternative scenario: The downside penetration of 1533 will call for a slide towards 1528 & 1524.

Comment: the RSI broke above a declining trend line.