Free Afternoon Forex Trading signals – Feb 22, 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: under pressure.

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 pair remains below its 1.3255 resistance (38.2% retracement) while the RSI broke below a rising trend line.

GBP/USD intraday: key ST resistance at 1.533.

Pivot: 1.533

Our preference: Short positions below 1.533 with targets @ 1.5215 & 1.513 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 1.5215 remains high.

USD/CHF intraday: intraday support around 0.926.

Pivot: 0.926

Our preference: Long positions above 0.926 with targets @ 0.933 & 0.9375 in extension.

Alternative scenario: Below 0.926 look for further downside with 0.9235 & 0.9215 as targets.

Comment: the RSI broke above a bearish trend line.

USD/CAD intraday: bullish bias above 1.0155.

Pivot: 1.0155

Our preference: Long positions above 1.0155 with targets @ 1.0205 & 1.0225 in extension.

Alternative scenario: Below 1.0155 look for further downside with 1.014 & 1.0105 as targets.

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

Crude Oil (Apr 13) intraday: key ST resistance at 94.25

Pivot: 94.25

Our preference: SHORT positions below 94.25 with targets @ 92 & 91.

Alternative scenario: The upside penetration of 94.25 will call for a rebound towards 95.7 & 97.5.

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

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1570.00

Our preference: LONG positions above 1570 with targets @ 1597 & 1619.

Alternative scenario: The downside penetration of 1570 will call for 1555 & 1525.

Comment: the RSI is mixed with a bullish bias.

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

Pivot: 13935

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

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

Comment: as long as 13935 is resistance, look for choppy price action with a bearish bias.

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

Pivot: 1511

Our preference: SHORT positions below 1511 with 1495 & 1490 in sight.

Alternative scenario: The upside breakout of 1511 will open the way to 1522 & 1530.

Comment: as long as 1511 is resistance, look for choppy price action with a bearish bias.