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: 1.3305.

Our preference: SHORT positions below 1.3305 with 1.3235 & 1.321 as next targets.

Alternative scenario: The upside penetration of 1.3305 will call for 1.334 & 1.336.

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

GBP/USD intraday: the upside prevails.

Pivot: 1.547

Our preference: Long positions above 1.547 with targets @ 1.5555 & 1.5605 in extension.

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

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

USD/CHF intraday: the bias remains bullish.

Pivot: 0.9235

Our preference: Long positions above 0.9235 with targets @ 0.929 & 0.931 in extension.

Alternative scenario: Below 0.9235 look for further downside with 0.92 & 0.917 as targets.

Comment: the pair has broken above a declining trend line and remains on the upside.

USD/CAD intraday: capped by a negative trend line.

Pivot: 1.051

Our preference: Short positions below 1.051 with targets @ 1.0465 & 1.0435 in extension.

Alternative scenario: Above 1.051 look for further upside with 1.0535 & 1.057 as targets.

Comment: the pair is posting a rebound and is challenging a declining trend line.

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

Pivot: 110.00

Our preference: SHORT positions below 110 with 108.6 & 107.4 in sight.

Alternative scenario: The upside penetration of 110 will call for a rebound towards 110.7 & 112.2.

Comment: as long as the resistance at 110 is not surpassed, the risk of the break below 108.6 remains high.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1422.00

Our preference: SHORT positions below 1422 with targets @ 1395 & 1384.

Alternative scenario: The upside penetration of 1422 will call for a rebound towards 1430 & 1440.

Comment: gold prices broke below the rising trend line. The 50 moving average is turning down.

Dow Jones (Sep 13) intraday: the downside prevails.

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

S&P 500 (Sep 13) intraday: the downside prevails.

Pivot: 1651

Our preference: SHORT positions below 1651 with 1620 & 1611 in sight.

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

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