Free Afternoon Forex Trading signals – Aug 22, 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: 1.338

Our preference: Short positions below 1.338 with targets @ 1.327 & 1.3235 in extension.

Alternative scenario: Above 1.338 look for further upside with 1.341 & 1.345 as targets.

Comment: the pair is under pressure and is breaking below its support, the RSI is badly directed.

GBP/USD intraday: the downside prevails.

Pivot: 1.5635

Our preference: Short positions below 1.5635 with targets @ 1.5545 & 1.5515 in extension.

Alternative scenario: Above 1.5635 look for further upside with 1.5665 & 1.572 as targets.

Comment: the pair stands below its resistance and remains under pressure.

USD/CHF intraday: the upside prevails.

Pivot: 0.9225

Our preference: Long positions above 0.9225 with targets @ 0.929 & 0.931 in extension.

Alternative scenario: Below 0.9225 look for further downside with 0.9195 & 0.916 as targets.

Comment: the pair is rebounding and is challenging its resistance, the RSI is well directed.

USD/CAD intraday: the upside prevails.

Pivot: 1.0435

Our preference: Long positions above 1.0435 with targets @ 1.0515 & 1.055 in extension.

Alternative scenario: Below 1.0435 look for further downside with 1.0415 & 1.037 as targets.

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

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

Pivot: 105.20

Our preference: SHORT positions below 105.2 with 103.1 & 101.8 as next targets.

Alternative scenario: The upside penetration of 105.2 will call for a rebound towards 106.25 & 106.95.

Comment: as long as the resistance at 105.2 is not surpassed, the risk of the break below 103.1 remains high.

GOLD (Spot) intraday: bullish bias above 1359

Pivot: 1359.00

Our preference: LONG positions above 1359 with 1379 & 1384 as next targets.

Alternative scenario: The downside breakout of 1359 will open the way to 1352 & 1347.

Comment: the RSI is mixed with a bullish bias.

Dow Jones (Sep 13) intraday: key ST resistance at 15000

Pivot: 15000

Our preference: SHORT positions below 15000 with 14750 & 14695 in sight.

Alternative scenario: The upside breakout of 15000 will open the way to 15150 & 15255.

Comment: as long as 15000 is resistance, look for choppy price action with a bearish bias.

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

Pivot: 1658

Our preference: SHORT positions below 1658 with 1631 & 1625 in sight.

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

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