Free Afternoon Forex Trading signals – June 07, 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: 1.318

Our preference: Long positions above 1.318 with targets @ 1.332 & 1.3375 in extension.

Alternative scenario: Below 1.318 look for further downside with 1.314 & 1.31 as targets.

Comment: the pair stands above its support and remains on the upside.

GBP/USD intraday: the upside prevails.

Pivot: 1.5515

Our preference: Long positions above 1.5515 with targets @ 1.562 & 1.569 in extension.

Alternative scenario: Below 1.5515 look for further downside with 1.5425 & 1.537 as targets.

Comment: the pair stands above its support and remains on the upside.

USD/CHF intraday: the downside prevails.

Pivot: 0.933

Our preference: Short positions below 0.933 with targets @ 0.9245 & 0.92 in extension.

Alternative scenario: Above 0.933 look for further upside with 0.9385 & 0.944 as targets.

Comment: the pair remains under pressure and is challenging its support.

USD/CAD intraday: key ST resistance at 1.0305.

Pivot: 1.0305

Our preference: Short positions below 1.0305 with targets @ 1.0195 & 1.014 in extension.

Alternative scenario: Above 1.0305 look for further upside with 1.038 & 1.042 as targets.

Comment: the downside breakout of the 1.0305 support area is a bearish signal. In addition, the RSI is capped by a declining trend line.

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

Pivot: 94.45

Our preference: LONG positions above 94.45 with targets @ 95.85 & 96.7.

Alternative scenario: The downside penetration of 94.45 will call for a slide towards 93.4 & 92.4.

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

GOLD (Spot) intraday: further upside.

Pivot: 1394.00

Our preference: LONG positions @ 1405 with 1423 & 1445 in sight.

Alternative scenario: The downside penetration of 1394 will call for 1374 & 1354.

Comment: the symmetrical triangle pattern calls for a new up leg.

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

Pivot: 15215

Our preference: SHORT positions below 15215 with targets @ 14820 & 14740.

Alternative scenario: The upside penetration of 15215 will call for a rebound towards 15285 & 15390.

Comment: as long as 15215 is resistance, look for choppy price action with a bearish bias.

S&P 500 (Jun 13) intraday: key ST resistance at 1639

Pivot: 1639

Our preference: SHORT positions below 1639 with 1595 & 1590 as next targets.

Alternative scenario: The upside penetration of 1639 will call for a rebound towards 1647 & 1659.

Comment: as long as 1639 is resistance, look for choppy price action with a bearish bias.