Free Afternoon Forex Trading signals – Mar 06, 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 bias remains bullish.

Pivot: 1.301

Our preference: Long positions above 1.301 with targets @ 1.3075 & 1.3095 in extension.

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

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

GBP/USD intraday: under pressure.

Pivot: 1.515

Our preference: Short positions below 1.515 with targets @ 1.504 & 1.4995 in extension.

Alternative scenario: Above 1.515 look for further upside with 1.518 & 1.522 as targets.

Comment: the pair has struck against its resistance and remains under pressure as the RSI is badly directed.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.939

Our preference: Long positions above 0.939 with targets @ 0.947 & 0.949 in extension.

Alternative scenario: Below 0.939 look for further downside with 0.9365 & 0.934 as targets.

Comment: the pair is rebounding and should reach its previous high as the RSI is well directed.

USD/CAD intraday: intraday support around 1.025.

Pivot: 1.025

Our preference: Long positions above 1.025 with targets @ 1.031 & 1.0345 in extension.

Alternative scenario: Below 1.025 look for further downside with 1.0235 & 1.021 as targets.

Comment: the pair is rebounding on its support and should post further advance as the RSI is well directed.

Crude Oil (Apr 13) intraday: rebound expected.

Pivot: 90.00

Our preference: LONG positions @ 90.2 with 91.15 & 91.4 as next targets.

Alternative scenario: The downside breakout of 90 will open the way to 89.3 & 88.7.

Comment: a support base at 90 has formed and has allowed for a temporary stabilisation.

GOLD (Spot) intraday: 1565 in sight

Pivot: 1587.00

Our preference: SHORT positions below 1587 with 1571 & 1565 in sight.

Alternative scenario: The upside penetration of 1587 will call for a rebound towards 1599 & 1603.

Comment: a symmetrical triangle is taking place. A break below 1571 would have bearish implications to see 1555.

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

Pivot: 14090

Our preference: LONG positions above 14090 with 14300 & 14360 as next targets.

Alternative scenario: The downside breakout of 14090 will open the way to 14020 & 13900.

Comment: the RSI advocates for further upside.

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

Pivot: 1520

Our preference: LONG positions above 1520 with targets @ 1548 & 1558.

Alternative scenario: The downside penetration of 1520 will call for a slide towards 1507 & 1497.

Comment: the RSI has just landed on its neutrality area at 50% and is turning up.