Free Afternoon Forex Trading signals – Feb 26, 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: 1.3145

Our preference: Short positions below 1.3145 with targets @ 1.3045 & 1.301 in extension.

Alternative scenario: Above 1.3145 look for further upside with 1.3205 & 1.325 as targets.

Comment: the pair is rebounding but stands below its new resistance (former support).

GBP/USD intraday: key ST resistance at 1.523.

Pivot: 1.523

Our preference: Short positions below 1.523 with targets @ 1.512 & 1.508 in extension.

Alternative scenario: Above 1.523 look for further upside with 1.528 & 1.533 as targets.

Comment: the upward potential is likely to be limited by the resistance at 1.523.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.9285

Our preference: Long positions above 0.9285 with targets @ 0.933 & 0.936 in extension.

Alternative scenario: Below 0.9285 look for further downside with 0.926 & 0.923 as targets.

Comment: the pair is rebounding on its support and remains on the upside.

USD/CAD intraday: bullish bias above 1.022.

Pivot: 1.022

Our preference: Long positions above 1.022 with targets @ 1.029 & 1.0325 in extension.

Alternative scenario: Below 1.022 look for further downside with 1.018 & 1.0155 as targets.

Comment: the pair remains within a bullish channel, the RSI stands above its neutrality area.

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

Pivot: 94.25

Our preference: SHORT positions below 94.25 with 91 & 89.3 as next targets.

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

Comment: as long as 94.25 is resistance, likely decline to 91.

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1587.00

Our preference: LONG positions above 1587 with 1601 & 1609 as next targets.

Alternative scenario: The downside penetration of 1587 will call for 1582 & 1570.

Comment: supported by a rising trend line.

Dow Jones (Mar 13) intraday: key ST resistance at 13990

Pivot: 13990

Our preference: SHORT positions below 13990 with 13745 & 13700 as next targets.

Alternative scenario: The upside breakout of 13990 will open the way to 14060 & 14120.

Comment: the RSI is mixed with a bearish bias.

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

Pivot: 1512

Our preference: SHORT positions below 1512 with targets @ 1483 & 1475.

Alternative scenario: The upside penetration of 1512 will call for 1524 & 1530.

Comment: the RSI broke below a rising trend line.