Free Afternoon Forex Trading signals – Aug 21, 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: 1.3365

Our preference: Long positions above 1.3365 with targets @ 1.345 & 1.349 in extension.

Alternative scenario: Below 1.3365 look for further downside with 1.3305 & 1.327 as targets.

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

GBP/USD intraday: the bias remains bullish.

Pivot: 1.5635

Our preference: Long positions above 1.5635 with targets @ 1.572 & 1.575 in extension.

Alternative scenario: Below 1.5635 look for further downside with 1.5605 & 1.557 as targets.

Comment: the pair stands above its support and remains on the upside.

USD/CHF intraday: under pressure.

Pivot: 0.9215

Our preference: Short positions below 0.9215 with targets @ 0.9145 & 0.9125 in extension.

Alternative scenario: Above 0.9215 look for further upside with 0.9245 & 0.928 as targets.

Comment: the pair has struck against its resistance and should face further weakness.

USD/CAD intraday: the upside prevails.

Pivot: 1.04

Our preference: Long positions above 1.04 with targets @ 1.0455 & 1.049 in extension.

Alternative scenario: Below 1.04 look for further downside with 1.0375 & 1.034 as targets.

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

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

Pivot: 106.40

Our preference: SHORT positions below 106.4 with 104.3 & 103.1 as next targets.

Alternative scenario: The upside penetration of 106.4 will call for 107.5 & 107.9.

Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1352.00

Our preference: LONG positions above 1352 with 1384 & 1394 in sight.

Alternative scenario: The downside breakout of 1352 will open the way to 1345 & 1328.

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

Dow Jones (Sep 13) intraday: key ST resistance at 15060

Pivot: 15060

Our preference: SHORT positions below 15060 with targets @ 14890 & 14825.

Alternative scenario: The upside penetration of 15060 will call for a rebound towards 15150 & 15255.

Comment: the RSI is bearish and calls for further downside.

S&P 500 (Sep 13) intraday: key ST resistance at 1658

Pivot: 1658

Our preference: SHORT positions below 1658 with 1640 & 1631 in sight.

Alternative scenario: The upside penetration of 1658 will call for a rebound towards 1665 & 1675.

Comment: as long as 1658 is resistance, look for choppy price action with a bearish bias.