Free Afternoon Forex Trading signals – Feb 14, 2013

EUR/USD GBP/USD USD/CHF USD/CAD CRUDE OIL GOLD DOWJONES S&P 500
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: 1.338

Our preference: Short positions below 1.338 with targets @ 1.3305 & 1.326 in extension.

Alternative scenario: Above 1.338 look for further upside with 1.3415 & 1.344 as targets.

Comment: the RSI is bearish and calls for further downside.

GBP/USD intraday: the downside prevails.

Pivot: 1.5585

Our preference: Short positions below 1.5585 with targets @ 1.549 & 1.545 in extension.

Alternative scenario: Above 1.5585 look for further upside with 1.5635 & 1.5685 as targets.

Comment: the break below 1.5585 is a negative signal that has opened a path to 1.549.

USD/CHF intraday: further advance.

Pivot: 0.921

Our preference: Long positions above 0.921 with targets @ 0.925 & 0.929 in extension.

Alternative scenario: Below 0.921 look for further downside with 0.9175 & 0.915 as targets.

Comment: the break above 0.921 is a positive signal that has opened a path to 0.925.

USD/CAD intraday: under pressure.

Pivot: 1.0035

Our preference: Short positions below 1.0035 with targets @ 0.9985 & 0.9965 in extension.

Alternative scenario: Above 1.0035 look for further upside with 1.0065 & 1.0085 as targets.

Comment: the RSI lacks upward momentum.

Crude Oil (Mar 13) intraday: bounce.

Pivot: 96.50

Our preference: LONG positions above 96.5 with 97.4 & 98.1 in sight.

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

Comment: the RSI is negative but supported by a strong support.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1654.00

Our preference: SHORT positions below 1654 with 1639 & 1625 in sight.

Alternative scenario: The upside breakout of 1654 will open the way to 1662 & 1673.

Comment: gold prices have struck against a key resistance at 1654 (previous bottom). As long as the resistance at 1654 is not surpassed, the risk of the break below 1639 remains high.

Dow Jones (Mar 13) intraday: under pressure.

Pivot: 14000

Our preference: SHORT positions below 14000 with targets @ 13880 & 13800.

Alternative scenario: The upside penetration of 14000 will call for a rebound towards 14035 & 14070.

Comment: the RSI is capped by a bearish trend line.

S&P 500 (Mar 13) intraday: under pressure.

Pivot: 1522

Our preference: SHORT positions below 1522 with 1508 & 1504 as next targets.

Alternative scenario: The upside breakout of 1522 will open the way to 1525 & 1529.

Comment: the RSI has just struck against its neutrality area at 50% and is reversing down.

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Note: We recommend not to use more than 5% of your equity in open trades at one time. Risk management is very important to minimize losses and maximize profits.
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