Free Afternoon Forex Trading signals – July 08, 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: 1.292

Our preference: Short positions below 1.292 with targets @ 1.2795 & 1.2765 in extension.

Alternative scenario: Above 1.292 look for further upside with 1.298 & 1.304 as targets.

Comment: the pair is posting a rebound but remains under pressure.

GBP/USD intraday: the downside prevails.

Pivot: 1.5015

Our preference: Short positions below 1.5015 with targets @ 1.4825 & 1.474 in extension.

Alternative scenario: Above 1.5015 look for further upside with 1.508 & 1.513 as targets.

Comment: the pair is posting a rebound but stands below its resistance.

USD/CHF intraday: further advance.

Pivot: 0.9595

Our preference: Long positions above 0.9595 with targets @ 0.9675 & 0.971 in extension.

Alternative scenario: Below 0.9595 look for further downside with 0.956 & 0.9515 as targets.

Comment: the pair remains on the upside and is challenging its previous high.

USD/CAD intraday: the upside prevails.

Pivot: 1.053

Our preference: Long positions above 1.053 with targets @ 1.061 & 1.0635 in extension.

Alternative scenario: Below 1.053 look for further downside with 1.0485 & 1.0455 as targets.

Comment: the pair has broken above a declining trend line and is facing a pull back ahead of further advance.

Crude Oil (Aug 13) intraday: bullish bias above 102

Pivot: 102.00

Our preference: LONG positions above 102 with 104 & 105.3 in sight.

Alternative scenario: The downside breakout of 102 will open the way to 100.5 & 99.8.

Comment: a support base at 102 has formed and has allowed for a temporary stabilisation.

GOLD (Spot) intraday: key ST resistance at 1245

Pivot: 1245.00

Our preference: SHORT positions below 1245 with 1208 & 1187 as next targets.

Alternative scenario: The upside penetration of 1245 will call for 1259 & 1267.5.

Comment: as long as 1245 is resistance, look for choppy price action with a bearish bias.

Dow Jones (Sep 13) intraday: bullish bias above 14990

Pivot: 14990

Our preference: LONG positions above 14990 with 15200 & 15275 in sight.

Alternative scenario: The downside penetration of 14990 will call for a slide towards 14885 & 14750.

Comment: the RSI broke above a declining trend line.

S&P 500 (Sep 13) intraday: bullish bias above 1618

Pivot: 1618

Our preference: LONG positions above 1618 with 1641 & 1649 in sight.

Alternative scenario: The downside penetration of 1618 will call for 1606 & 1593.

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