Free Afternoon Forex Trading signals – July 17, 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: supported by a rising trend line.

Pivot: 1.3090.

Our preference: LONG positions above 1.309 with targets @ 1.3205 & 1.325.

Alternative scenario: The downside penetration of 1.309 will call for a slide towards 1.2995 & 1.292.

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

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

Pivot: 1.5085

Our preference: Long positions above 1.5085 with targets @ 1.526 & 1.53 in extension.

Alternative scenario: Below 1.5085 look for further downside with 1.5025 & 1.498 as targets.

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

USD/CHF intraday: capped by a negative trend line.

Pivot: 0.945

Our preference: Short positions below 0.945 with targets @ 0.936 & 0.9315 in extension.

Alternative scenario: Above 0.945 look for further upside with 0.953 & 0.958 as targets.

Comment: the break below 0.945 is a negative signal that has opened a path to 0.936.

USD/CAD intraday: break of a ST rising trendline support.

Pivot: 1.044

Our preference: Short positions below 1.044 with targets @ 1.0355 & 1.0325 in extension.

Alternative scenario: Above 1.044 look for further upside with 1.047 & 1.052 as targets.

Comment: as long as 1.044 is resistance, look for choppy price action with a bearish bias.

Crude Oil (Aug 13) intraday: further advance.

Pivot: 104.00

Our preference: LONG positions above 104 with 106.7 & 107.4 in sight.

Alternative scenario: The downside breakout of 104 will open the way to 102 & 100.5.

Comment: intraday support around 104

GOLD (Spot) intraday: bullish bias above 1276

Pivot: 1276.00

Our preference: LONG positions above 1276 with targets @ 1298 & 1320.

Alternative scenario: The downside penetration of 1276 will call for 1267 & 1247.

Comment: a break above 1298 would have strong bullish implications.

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

Pivot: 15330

Our preference: LONG positions above 15330 with 15440 & 15490 as next targets.

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

Comment: the RSI is capped by a declining trend line.

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

Pivot: 1660

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

Alternative scenario: The downside breakout of 1660 will open the way to 1650 & 1639.

Comment : the RSI is mixed to bullish.