Free Afternoon Forex Trading signals – July 16, 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: key ST resistance at 1.314

Pivot: 1.3140.

Our preference: SHORT positions below 1.314 with targets @ 1.2995 & 1.295.

Alternative scenario: The upside penetration of 1.314 will call for 1.3205 & 1.325.

Comment: the pair stands below its previous high and remains under pressure.

GBP/USD intraday: key ST resistance at 1.513.

Pivot: 1.513

Our preference: Short positions below 1.513 with targets @ 1.5025 & 1.498 in extension.

Alternative scenario: Above 1.513 look for further upside with 1.5185 & 1.522 as targets.

Comment: as long as the resistance at 1.513 is not surpassed, the risk of the break below 1.5025 remains high.

USD/CHF intraday: under pressure.

Pivot: 0.949

Our preference: Short positions below 0.949 with targets @ 0.94 & 0.936 in extension.

Alternative scenario: Above 0.949 look for further upside with 0.953 & 0.958 as targets.

Comment: the break below 0.947 is a negative signal that has opened a path to 0.94.

USD/CAD intraday: supported by a rising trend line.

Pivot: 1.04

Our preference: Long positions above 1.04 with targets @ 1.047 & 1.052 in extension.

Alternative scenario: Below 1.04 look for further downside with 1.0355 & 1.0325 as targets.

Comment: the break above 1.04 is a positive signal that has opened a path to 1.047.

Crude Oil (Aug 13) intraday: further advance.

Pivot: 104.00

Our preference: LONG positions above 104 with targets @ 107.4 & 110.

Alternative scenario: The downside penetration of 104 will call for 102 & 100.5.

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

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1267.00

Our preference: LONG positions above 1267 with targets @ 1298 & 1327.

Alternative scenario: The downside penetration of 1267 will call for a slide towards 1247 & 1232.

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

Dow Jones (Sep 13) intraday: bullish bias above 15330

Pivot: 15330

Our preference: LONG positions above 15330 with 15490 & 15560 as next targets.

Alternative scenario: The downside penetration of 15330 will call for 15260 & 15180.

Comment: the next resistances are at 15490 and then at 15560.

S&P 500 (Sep 13) intraday: bullish bias above 1660

Pivot: 1660

Our preference: LONG positions above 1660 with targets @ 1680 & 1685.

Alternative scenario: The downside penetration of 1660 will call for 1650 & 1639.

Comment : the RSI is supported by a rising trend line.