Free Afternoon Forex Trading signals – June 04, 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 upside prevails.

Pivot: 1.303

Our preference: Long positions above 1.303 with targets @ 1.313 & 1.3155 in extension.

Alternative scenario: Below 1.303 look for further downside with 1.299 & 1.295 as targets.

Comment: the pair has rebounded on its support and is challenging its previous high.

GBP/USD intraday: the upside prevails.

Pivot: 1.523

Our preference: Long positions above 1.523 with targets @ 1.5375 & 1.541 in extension.

Alternative scenario: Below 1.523 look for further downside with 1.515 & 1.511 as targets.

Comment: the pair is pulling back on its support ahead of a rebound.

USD/CHF intraday: under pressure.

Pivot: 0.9535

Our preference: Short positions below 0.9535 with targets @ 0.945 & 0.94 in extension.

Alternative scenario: Above 0.9535 look for further upside with 0.9585 & 0.9625 as targets.

Comment: the pair stands below its resistance and is challenging its support, the RSI is badly directed.

USD/CAD intraday: under pressure.

Pivot: 1.033

Our preference: Short positions below 1.033 with targets @ 1.0255 & 1.024 in extension.

Alternative scenario: Above 1.033 look for further upside with 1.0355 & 1.0375 as targets.

Comment: the pair is trading in the middle of an intraday bearish channel.

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

Pivot: 92.20

Our preference: LONG positions above 92.2 with 94.2 & 95.2 in sight.

Alternative scenario: The downside penetration of 92.2 will call for a slide towards 91.35 & 90.35.

Comment: the RSI is mixed.

GOLD (Spot) intraday: bullish bias above 1390

Pivot: 1390.00

Our preference: LONG positions above 1390 with 1422 & 1445 in sight.

Alternative scenario: The downside penetration of 1390 will call for 1374 & 1354.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Dow Jones (Jun 13) intraday: the downside prevails.

Pivot: 15270

Our preference: SHORT positions @ 15218 with targets @ 15000 & 14950.

Alternative scenario: The upside penetration of 15270 will call for a rebound towards 15410 & 15520.

Comment: the RSI lacks upward momentum.

S&P 500 (Jun 13) intraday: under pressure.

Pivot: 1644

Our preference: SHORT positions @ 1637 with 1615 & 1608 in sight.

Alternative scenario: The upside penetration of 1644 will call for 1659 & 1673.

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