Free Afternoon Forex Trading signals – Feb 13, 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: further advance.

Pivot: 1.3455

Our preference: Long positions above 1.3455 with targets @ 1.3575 & 1.3595 in extension.

Alternative scenario: Below 1.3455 look for further downside with 1.3405 & 1.335 as targets.

Comment: the RSI broke above a bearish trend line.

GBP/USD intraday: the downside prevails.

Pivot: 1.5635

Our preference: Short positions below 1.5635 with targets @ 1.551 & 1.545 in extension.

Alternative scenario: Above 1.5635 look for further upside with 1.5685 & 1.574 as targets.

Comment: the break below the support at 1.5635 triggered a bearish acceleration to the support at 1.551.

USD/CHF intraday: consolidation in place.

Pivot: 0.915

Our preference: Long positions above 0.915 with targets @ 0.921 & 0.925 in extension.

Alternative scenario: Below 0.915 look for further downside with 0.911 & 0.906 as targets.

Comment: a support base at 0.915 has formed and has allowed for a temporary stabilisation.

USD/CAD intraday: key ST resistance at 1.0045.

Pivot: 1.0045

Our preference: Short positions below 1.0045 with targets @ 1.0005 & 0.9985 in extension.

Alternative scenario: Above 1.0045 look for further upside with 1.0065 & 1.0085 as targets.

Comment: as long as 1.0045 is resistance, look for choppy price action with a bearish bias.

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

Pivot: 96.50

Our preference: LONG positions above 96.5 with 98.2 & 99.3 in sight.

Alternative scenario: The downside penetration of 96.5 will call for 95.85 & 95.

Comment: the RSI is supported by a rising trend line.

GOLD (Spot) intraday: key ST resistance at 1656

Pivot: 1656.00

Our preference: SHORT positions below 1656 with 1639 & 1625 in sight.

Alternative scenario: The upside penetration of 1656 will call for a rebound towards 1662 & 1673.

Comment: the RSI has just broken down a former rising trendline.

Dow Jones (Mar 13) intraday: the bias remains bullish.

Pivot: 13930

Our preference: LONG positions above 13930 with 14000 & 14035 in sight.

Alternative scenario: The downside penetration of 13930 will call for 13880 & 13800.

Comment: the RSI advocates for further upside.

S&P 500 (Mar 13) intraday: the upside prevails.

Pivot: 1512

Our preference: LONG positions above 1512 with 1522 & 1525 in sight.

Alternative scenario: The downside breakout of 1512 will open the way to 1508 & 1504.

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