Free Afternoon Forex Trading signals – Mar 05, 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: bullish bias above 1.301.

Pivot: 1.301

Our preference: Long positions above 1.301 with targets @ 1.3095 & 1.313 in extension.

Alternative scenario: Below 1.301 look for further downside with 1.297 & 1.2945 as targets.

Comment: the pair is facing a pull back on its support ahead of further advance.

GBP/USD intraday: the upside prevails.

Pivot: 1.51

Our preference: Long positions above 1.51 with targets @ 1.5185 & 1.522 in extension.

Alternative scenario: Below 1.51 look for further downside with 1.5075 & 1.504 as targets.

Comment: the pair remains on the upside and is approaching its next resistance, the RSI is well directed.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.9375

Our preference: Long positions above 0.9375 with targets @ 0.944 & 0.947 in extension.

Alternative scenario: Below 0.9375 look for further downside with 0.934 & 0.931 as targets.

Comment: the pair is rebounding on its support as the RSI is turning up.

USD/CAD intraday: under pressure.

Pivot: 1.0285

Our preference: Short positions below 1.0285 with targets @ 1.0235 & 1.021 in extension.

Alternative scenario: Above 1.0285 look for further upside with 1.031 & 1.0345 as targets.

Comment: the pair stands below its resistance and remains under pressure as the RSI is badly directed.

Crude Oil (Apr 13) intraday: under pressure.

Pivot: 90.90

Our preference: SHORT positions below 90.9 with 89.3 & 88.7 in sight.

Alternative scenario: The upside breakout of 90.9 will open the way to 91.4 & 91.9.

Comment: as long as 90.9 is resistance, look for choppy price action with a bearish bias.

GOLD (Spot) intraday: bounce.

Pivot: 1574.00

Our preference: LONG positions above 1574 with targets @ 1587 & 1599.

Alternative scenario: The downside penetration of 1574 will call for a slide towards 1565 & 1555.

Comment: Gold prices cleared a declining resistance line. The 20 moving average is turning up. A re-test of 1587 seems more likely.

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

Pivot: 14000

Our preference: LONG positions above 14000 with 14185 & 14260 as next targets.

Alternative scenario: The downside breakout of 14000 will open the way to 13900 & 13840.

Comment: supported by a rising trend line.

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

Pivot: 1506

Our preference: LONG positions above 1506 with 1541 & 1548 as next targets.

Alternative scenario: The downside penetration of 1506 will call for 1497 & 1483.

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