Free Afternoon Forex Trading signals – Aug 1, 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: 1.33

Our preference: Short positions below 1.33 with targets @ 1.321 & 1.3175 in extension.

Alternative scenario: Above 1.33 look for further upside with 1.3345 & 1.337 as targets.

Comment: the pair remains under pressure, the RSI is badly directed.

GBP/USD intraday: rebound.

Pivot: 1.512

Our preference: Long positions above 1.512 with targets @ 1.525 & 1.529 in extension.

Alternative scenario: Below 1.512 look for further downside with 1.507 & 1.503 as targets.

Comment: the pair is rebounding and should post further advance as the RSI is well directed.

USD/CHF intraday: rebound.

Pivot: 0.925

Our preference: Long positions above 0.925 with targets @ 0.934 & 0.937 in extension.

Alternative scenario: Below 0.925 look for further downside with 0.921 & 0.917 as targets.

Comment: the pair has rebounded and remains on the upside.

USD/CAD intraday: key ST resistance at 1.0325.

Pivot: 1.0325

Our preference: Short positions below 1.0325 with targets @ 1.0245 & 1.0215 in extension.

Alternative scenario: Above 1.0325 look for further upside with 1.0355 & 1.0395 as targets.

Comment: the pair remains in the 1.0325-1.0245 trading range area.

Crude Oil (Sep 13) intraday: bullish bias above 105.25

Pivot: 105.25

Our preference: LONG positions above 105.25 with targets @ 107.5 & 108.9.

Alternative scenario: The downside penetration of 105.25 will call for a slide towards 103.8 & 102.7.

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

GOLD (Spot) intraday: bullish bias above 1306

Pivot: 1306.00

Our preference: LONG positions above 1306 with targets @ 1334 & 1340.

Alternative scenario: The downside penetration of 1306 will call for 1298 & 1284.

Comment: a support base at 1306 has formed and has allowed for a temporary stabilisation.

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

Pivot: 15430

Our preference: LONG positions above 15430 with 15640 & 15670 as next targets.

Alternative scenario: The downside penetration of 15430 will call for a slide towards 15395 & 15345.

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

S&P 500 (Sep 13) intraday: bullish bias above 1680

Pivot: 1680

Our preference: LONG positions above 1680 with 1695 & 1702 as next targets.

Alternative scenario: The downside penetration of 1680 will call for a slide towards 1671 & 1666.

Comment: the RSI lacks downward momentum.