Free Afternoon Forex Trading signals – Mar 01, 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: under pressure.

Pivot: 1.305

Our preference: Short positions below 1.305 with targets @ 1.297 & 1.2945 in extension.

Alternative scenario: Above 1.305 look for further upside with 1.3095 & 1.313 as targets.

Comment: the pair has broken below its previous low and remains on the downside, the RSI is badly directed but also oversold.

GBP/USD intraday: the downside prevails.

Pivot: 1.511

Our preference: Short positions below 1.511 with targets @ 1.501 & 1.498 in extension.

Alternative scenario: Above 1.511 look for further upside with 1.515 & 1.522 as targets.

Comment: the RSI has broken below a rising trend line, the pair stands below its resistance and remains under pressure.

USD/CHF intraday: the upside prevails.

Pivot: 0.934

Our preference: Long positions above 0.934 with targets @ 0.9425 & 0.945 in extension.

Alternative scenario: Below 0.934 look for further downside with 0.931 & 0.928 as targets.

Comment: the pair is breaking above its resistance and should post further advance as the RSI is well directed.

USD/CAD intraday: bullish bias above 1.0275.

Pivot: 1.0275

Our preference: Long positions above 1.0275 with targets @ 1.0345 & 1.0365 in extension.

Alternative scenario: Below 1.0275 look for further downside with 1.0255 & 1.0235 as targets.

Comment: the pair is breaking above its previous high and should post further advance as the RSI is well directed.

Crude Oil (Apr 13) intraday: the downside prevails.

Pivot: 91.50

Our preference: SHORT positions below 91.5 with targets @ 90.25 & 89.3.

Alternative scenario: The upside breakout of 91.5 will open the way to 91.9 & 93.4.

Comment: as long as 91.5 is resistance, look for choppy price action with a bearish bias.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1584.00

Our preference: SHORT positions below 1584 with targets @ 1555 & 1538.

Alternative scenario: The upside penetration of 1584 will call for 1592 & 1603.

Comment: gold prices remain within a bearish channel.

Dow Jones (Mar 13) intraday: the upside prevails.

Pivot: 13900

Our preference: LONG positions above 13900 with targets @ 14130 & 14185.

Alternative scenario: The downside breakout of 13900 will open the way to 13840 & 13745.

Comment: a support base at 13900 has formed and has allowed for a temporary stabilisation.

S&P 500 (Mar 13) intraday: the upside prevails.

Pivot: 1497

Our preference: LONG positions above 1497 with 1524 & 1530 as next targets.

Alternative scenario: The downside breakout of 1497 will open the way to 1483 & 1475.

Comment: a support base at 1497 has formed and has allowed for a temporary stabilisation.