Free Afternoon Forex Trading signals – Aug 23, 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: key resistance at 1.338.

Pivot: 1.338

Our preference: Short positions below 1.338 with targets @ 1.333 & 1.3295 in extension.

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

Comment: the pair has struck against its resistance and remains under pressure.

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 has struck against its resistance and remains under pressure.

USD/CHF intraday: key ST resistance at 0.9265.

Pivot: 0.9265

Our preference: Short positions below 0.9265 with targets @ 0.922 & 0.9195 in extension.

Alternative scenario: Above 0.9265 look for further upside with 0.929 & 0.931 as targets.

Comment: the pair is rebounding and is challenging its resistance, caution.

USD/CAD intraday: the upside prevails.

Pivot: 1.0525

Our preference: Long positions above 1.0525 with targets @ 1.0585 & 1.061 in extension.

Alternative scenario: Below 1.0525 look for further downside with 1.05 & 1.0465 as targets.

Comment: the pair remains within a bullish channel.

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

Pivot: 104.70

Our preference: LONG positions above 104.7 with 106.25 & 106.95 in sight.

Alternative scenario: The downside penetration of 104.7 will call for 104.1 & 103.5.

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

GOLD (Spot) intraday: aim @ 1384

Pivot: 1367.00

Our preference: LONG positions above 1367 with 1384 & 1394 in sight.

Alternative scenario: The downside penetration of 1367 will call for 1359 & 1352.

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

Dow Jones (Sep 13) intraday: key ST resistance at 14970

Pivot: 14970

Our preference: SHORT positions below 14970 with targets @ 14800 & 14750.

Alternative scenario: The upside penetration of 14970 will call for 15050 & 15150.

Comment: as long as 14970 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 1637 & 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.