Free Afternoon Forex Trading signals – Jan 30, 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: further advance.

Pivot: 1.3475

Our preference: Long positions above 1.3475 with targets @ 1.358 & 1.36 in extension.

Alternative scenario: Below 1.3475 look for further downside with 1.346 & 1.3425 as targets.

Comment: the pair has validated a bullish flag and remains on the upside.

GBP/USD intraday: continuation of the rebound.

Pivot: 1.5705

Our preference: Long positions above 1.5705 with targets @ 1.579 & 1.582 in extension.

Alternative scenario: Below 1.5705 look for further downside with 1.567 & 1.5635 as targets.

Comment: the pair has broken above a declining trend line and remains on the upside.

USD/CHF intraday: under pressure.

Pivot: 0.923

Our preference: Short positions below 0.923 with targets @ 0.9145 & 0.9115 in extension.

Alternative scenario: Above 0.923 look for further upside with 0.928 & 0.932 as targets.

Comment: the pair is breaking below its bearish channel lower boundary and should face further weakness.

USD/CAD intraday: under pressure.

Pivot: 1.0045

Our preference: Short positions below 1.0045 with targets @ 1.0005 & 0.998 in extension.

Alternative scenario: Above 1.0045 look for further upside with 1.0065 & 1.01 as targets.

Comment: the pair stands below its new resistance and remains under pressure.

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

Pivot: 96.80

Our preference: LONG positions above 96.8 with 98.35 & 99.6 in sight.

Alternative scenario: The downside penetration of 96.8 will call for a slide towards 96.25 & 95.4.

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

GOLD (Spot) intraday: the downside prevails.

Pivot: 1672.00

Our preference: SHORT positions below 1672 with 1652 & 1643 in sight.

Alternative scenario: The upside breakout of 1672 will open the way to 1676 & 1684.

Comment: a bearish flag pattern is take place, calling for a drop towards 1652.

Dow Jones Industrial Average intraday: bullish bias above 13880

Pivot: 13880

Our preference: LONG positions above 13880 with 13970 & 14010 in sight.

Alternative scenario: The downside breakout of 13880 will open the way to 13795 & 13730.

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

S&P 500 (Mar 13) intraday: bullish bias above 1490

Pivot: 1490

Our preference: LONG positions above 1490 with 1510 & 1515 as next targets.

Alternative scenario: The downside breakout of 1490 will open the way to 1483 & 1475.

Comment: the RSI advocates for further advance.