Free Afternoon Forex Trading signals – Feb 7, 2013

Published: 7 February 2013
Categories: Free Forex trading Signals
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: continuation of the rebound.

Pivot: 1.349

Our preference: Long positions above 1.349 with targets @ 1.36 & 1.3635 in extension.

Alternative scenario: Below 1.349 look for further downside with 1.3455 & 1.343 as targets.

Comment: the RSI broke above a declining trend line.

GBP/USD intraday: intraday support around 1.569.

Pivot: 1.569

Our preference: Long positions above 1.569 with targets @ 1.58 & 1.5845 in extension.

Alternative scenario: Below 1.569 look for further downside with 1.563 & 1.56 as targets.

Comment: technically, the RSI is above its neutrality area at 50.

USD/CHF intraday: caution.

Pivot: 0.905

Our preference: Long positions above 0.905 with targets @ 0.9125 & 0.9145 in extension.

Alternative scenario: Below 0.905 look for further downside with 0.9015 & 0.897 as targets.

Comment: a support base at 0.905 has formed and has allowed for a temporary stabilisation.

USD/CAD intraday: the downside prevails.

Pivot: 0.9965

Our preference: Short positions below 0.9965 with targets @ 0.9915 & 0.99 in extension.

Alternative scenario: Above 0.9965 look for further upside with 0.999 & 1.0005 as targets.

Comment: the RSI is mixed with a bearish bias.

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

Pivot: 95.75

Our preference: LONG positions above 95.75 with targets @ 97.4 & 98.2.

Alternative scenario: The downside penetration of 95.75 will call for a slide towards 95 & 94.3.

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

GOLD (Spot) intraday: further upside.

Pivot: 1666.00

Our preference: LONG positions above 1666 with targets @ 1684 & 1695.

Alternative scenario: The downside penetration of 1666 will call for 1661 & 1652.

Comment: gold prices are supported by a rising trend line in force since January 2013 low. The RSI is negative but supported by a strong support.

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

Pivot: 13800

Our preference: LONG positions above 13800 with targets @ 13960 & 14035.

Alternative scenario: The downside penetration of 13800 will call for 13740 & 13670.

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

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

Pivot: 1501

Our preference: LONG positions above 1501 with targets @ 1511 & 1515.

Alternative scenario: The downside breakout of 1501 will open the way to 1496 & 1490.

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

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