Free Afternoon Forex Trading signals – Feb 21, 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: 1.3255

Our preference: Short positions below 1.3255 with targets @ 1.3135 & 1.308 in extension.

Alternative scenario: Above 1.3255 look for further upside with 1.329 & 1.333 as targets.

Comment: the immediate trend remains down and the momentum is strong.

GBP/USD intraday: key ST resistance at 1.533.

Pivot: 1.533

Our preference: Short positions below 1.533 with targets @ 1.513 & 1.5 in extension.

Alternative scenario: Above 1.533 look for further upside with 1.541 & 1.5445 as targets.

Comment: as long as the resistance at 1.533 is not surpassed, the risk of the break below 1.513 remains high.

USD/CHF intraday: further advance.

Pivot: 0.929

Our preference: Long positions above 0.929 with targets @ 0.9345 & 0.9375 in extension.

Alternative scenario: Below 0.929 look for further downside with 0.926 & 0.9235 as targets.

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

USD/CAD intraday: further advance.

Pivot: 1.016

Our preference: Long positions above 1.016 with targets @ 1.0225 & 1.025 in extension.

Alternative scenario: Below 1.016 look for further downside with 1.014 & 1.0105 as targets.

Comment: the pair remains on the upside and should post further advance as the RSI is well directed.

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

Pivot: 95.05

Our preference: SHORT positions below 95.05 with 93.45 & 92.6 as next targets.

Alternative scenario: The upside breakout of 95.05 will open the way to 95.7 & 97.5.

Comment: as long as 95.05 is resistance, look for choppy price action with a bearish bias.

GOLD (Spot) intraday: rebound.

Pivot: 1550.00

Our preference: LONG positions above 1550 with targets @ 1597 & 1619.

Alternative scenario: The downside penetration of 1550 will call for 1525 & 1500.

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

Dow Jones (Mar 13) intraday: consolidation.

Pivot: 13935

Our preference: SHORT positions below 13935 with targets @ 13800 & 13735.

Alternative scenario: The upside penetration of 13935 will call for a rebound towards 14035 & 14130.

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

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

Pivot: 1515

Our preference: SHORT positions below 1515 with 1499 & 1495 as next targets.

Alternative scenario: The upside breakout of 1515 will open the way to 1522 & 1530.

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