Free Afternoon Forex Trading signals – Aug 12, 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: 1.3345

Our preference: Short positions below 1.3345 with targets @ 1.326 & 1.3225 in extension.

Alternative scenario: Above 1.3345 look for further upside with 1.3365 & 1.339 as targets.

Comment: the pair has broken below a rising trend line and remains under pressure.

GBP/USD intraday: under pressure.

Pivot: 1.5555

Our preference: Short positions below 1.5555 with targets @ 1.5435 & 1.5385 in extension.

Alternative scenario: Above 1.5555 look for further upside with 1.5595 & 1.5675 as targets.

Comment: the pair has broken below its support and remains under pressure.

USD/CHF intraday: further advance.

Pivot: 0.9205

Our preference: Long positions above 0.9205 with targets @ 0.929 & 0.9315 in extension.

Alternative scenario: Below 0.9205 look for further downside with 0.917 & 0.913 as targets.

Comment: the pair remains on the upside and should post further advance.

USD/CAD intraday: key ST resistance at 1.0355.

Pivot: 1.0355

Our preference: Short positions below 1.0355 with targets @ 1.0245 & 1.0195 in extension.

Alternative scenario: Above 1.0355 look for further upside with 1.04 & 1.044 as targets.

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

Crude Oil (Sep 13) intraday: the bias remains bullish.

Pivot: 104.75

Our preference: LONG positions above 104.75 with 106.4 & 107.75 in sight.

Alternative scenario: The downside penetration of 104.75 will call for a slide towards 103.55 & 102.25.

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

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1315.00

Our preference: LONG positions above 1315 with targets @ 1339 & 1345.

Alternative scenario: The downside breakout of 1315 will open the way to 1305 & 1297.

Comment: gold prices are supported by a rising trend line and the 50 moving aveage should contain any downward attempt.

Dow Jones (Sep 13) intraday: consolidation.

Pivot: 15470

Our preference: SHORT positions below 15470 with targets @ 15260 & 15190.

Alternative scenario: The upside breakout of 15470 will open the way to 15515 & 15565.

Comment: the RSI is capped by a declining trend line.

S&P 500 (Sep 13) intraday: consolidation.

Pivot: 1687

Our preference: SHORT positions below 1687 with targets @ 1672 & 1666.

Alternative scenario: The upside breakout of 1687 will open the way to 1697 & 1701.

Comment: the RSI is capped by a declining trend line.