Free Afternoon Forex Trading signals – Mar 08, 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: 1.306

Our preference: Long positions above 1.306 with targets @ 1.313 & 1.3155 in extension.

Alternative scenario: Below 1.306 look for further downside with 1.303 & 1.298 as targets.

Comment: the pair is facing a pull back on its support ahead of further advance, the RSI stands above its neutrality area.

GBP/USD intraday: bullish bias above 1.496.

Pivot: 1.496

Our preference: Long positions above 1.496 with targets @ 1.5075 & 1.5105 in extension.

Alternative scenario: Below 1.496 look for further downside with 1.49 & 1.4865 as targets.

Comment: the pair is rebounding on its support and should post further advance as the RSI is well directed but not yet overbought.

USD/CHF intraday: key ST resistance at 0.9455.

Pivot: 0.9455

Our preference: Short positions below 0.9455 with targets @ 0.939 & 0.934 in extension.

Alternative scenario: Above 0.9455 look for further upside with 0.949 & 0.951 as targets.

Comment: the pair is rebounding but stands below its resistance, the RSI stands below its neutrality area.

USD/CAD intraday: key ST resistance at 1.032.

Pivot: 1.032

Our preference: Short positions below 1.032 with targets @ 1.028 & 1.027 in extension.

Alternative scenario: Above 1.032 look for further upside with 1.0345 & 1.036 as targets.

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

Crude Oil (Apr 13) intraday: bullish bias above 90.55

Pivot: 90.55

Our preference: LONG positions above 90.55 with targets @ 91.7 & 91.9.

Alternative scenario: The downside breakout of 90.55 will open the way to 90.15 & 89.55.

Comment: the double bottom pattern calls for further upsides.

GOLD (Spot) intraday: the downside prevails.

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: gold prices are capped by a declining trend line. In addition, a bearish flag is taking place. A new down leg seems more likely.

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

Pivot: 14220

Our preference: LONG positions above 14220 with 14450 & 14530 as next targets.

Alternative scenario: The downside penetration of 14220 will call for 14130 & 14050.

Comment: the RSI broke above a declining trend line.

S&P 500 (Mar 13) intraday: the bias remains bullish.

Pivot: 1530

Our preference: LONG positions above 1530 with 1553 & 1558 as next targets.

Alternative scenario: The downside breakout of 1530 will open the way to 1523 & 1507.

Comment: the RSI is bullish and calls for further upside.