Free Afternoon Forex Trading signals – July 24, 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: 1.3190.

Our preference: LONG positions above 1.319 with 1.325 & 1.33 as next targets.

Alternative scenario: The downside penetration of 1.319 will call for a slide towards 1.316 & 1.3135.

Comment: the pair is supported by a rising trend line and the RSI is bullish and calls for further upside.

GBP/USD intraday: bullish bias above 1.5325.

Pivot: 1.5325

Our preference: Long positions above 1.5325 with targets @ 1.539 & 1.543 in extension.

Alternative scenario: Below 1.5325 look for further downside with 1.5295 & 1.5265 as targets.

Comment: a support base at 1.5325 has formed and has allowed for a temporary stabilisation.

USD/CHF intraday: key ST resistance at 0.94.

Pivot: 0.94

Our preference: Short positions below 0.94 with targets @ 0.9315 & 0.9265 in extension.

Alternative scenario: Above 0.94 look for further upside with 0.944 & 0.9475 as targets.

Comment: as long as the resistance at 0.94 is not surpassed, the risk of the break below 0.9315 remains high.

USD/CAD intraday: under pressure.

Pivot: 1.035

Our preference: Short positions below 1.035 with targets @ 1.025 & 1.0215 in extension.

Alternative scenario: Above 1.035 look for further upside with 1.0395 & 1.044 as targets.

Comment: as long as 1.035 is resistance, look for choppy price action with a bearish bias.

Crude Oil (Sep 13) intraday: further advance.

Pivot: 105.45

Our preference: LONG positions above 105.45 with targets @ 107.6 & 108.9.

Alternative scenario: The downside penetration of 105.45 will call for 104.75 & 103.75.

Comment: the RSI is mixed.

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1318.00

Our preference: LONG positions above 1318 with 1360 & 1376 as next targets.

Alternative scenario: The downside penetration of 1318 will call for 1298 & 1288.

Comment: the next resistances are at 1360 and then at 1376.

Dow Jones (Sep 13) intraday: bullish bias above 15425

Pivot: 15425

Our preference: LONG positions above 15425 with 15560 & 15590 as next targets.

Alternative scenario: The downside penetration of 15425 will call for 15345 & 15260.

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

S&P 500 (Sep 13) intraday: the bias remains bullish.

Pivot: 1680

Our preference: LONG positions above 1680 with 1696 & 1701 in sight.

Alternative scenario: The downside penetration of 1680 will call for 1673 & 1665.

Comment: the RSI broke above a bearish trend line.