Free Afternoon Forex Trading signals – Aug 29, 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 downside prevails.

Pivot: 1.3280.

Our preference: SHORT positions below 1.328 with 1.321 & 1.3185 in sight.

Alternative scenario: The upside penetration of 1.328 will call for a rebound towards 1.3305 & 1.334.

Comment: the pair is posting a rebound but stands below its resistance.

GBP/USD intraday: rebound.

Pivot: 1.547

Our preference: Long positions above 1.547 with targets @ 1.553 & 1.5555 in extension.

Alternative scenario: Below 1.547 look for further downside with 1.5425 & 1.5375 as targets.

Comment: the pair is rebounding on its support as the RSI is turning up.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.9275

Our preference: Long positions above 0.9275 with targets @ 0.933 & 0.9355 in extension.

Alternative scenario: Below 0.9275 look for further downside with 0.9255 & 0.9235 as targets.

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

USD/CAD intraday: bullish bias above 1.049.

Pivot: 1.049

Our preference: Long positions above 1.049 with targets @ 1.054 & 1.057 in extension.

Alternative scenario: Below 1.049 look for further downside with 1.0465 & 1.0435 as targets.

Comment: the pair has broken above a declining trend line.

Crude Oil (Oct 13) intraday: up turn.

Pivot: 106.60

Our preference: LONG positions above 106.6 with 108.6 & 110 in sight.

Alternative scenario: The downside penetration of 106.6 will call for 105.55 & 104.3.

Comment: a support base at 106.6 has formed and has allowed for a temporary stabilisation.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1412.00

Our preference: SHORT positions below 1412 with 1390 & 1384 as next targets.

Alternative scenario: The upside breakout of 1412 will open the way to 1422 & 1430.

Comment: as long as 1412 is resistance, look for choppy price action with a bearish bias.

Dow Jones (Sep 13) intraday: key ST resistance at 14905

Pivot: 14905

Our preference: SHORT positions below 14905 with targets @ 14700 & 14630.

Alternative scenario: The upside penetration of 14905 will call for a rebound towards 15030 & 15110.

Comment: as long as 14905 is resistance, look for choppy price action with a bearish bias.

S&P 500 (Sep 13) intraday: key ST resistance at 1651

Pivot: 1651

Our preference: SHORT positions below 1651 with targets @ 1620 & 1611.

Alternative scenario: The upside penetration of 1651 will call for 1659 & 1667.

Comment: as long as 1651 is resistance, look for choppy price action with a bearish bias.