Free Afternoon Forex Trading signals – Mar 11, 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: 1.3035

Our preference: Short positions below 1.3035 with targets @ 1.2955 & 1.2915 in extension.

Alternative scenario: Above 1.3035 look for further upside with 1.306 & 1.31 as targets.

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

GBP/USD intraday: the downside prevails.

Pivot: 1.496

Our preference: Short positions below 1.496 with targets @ 1.4865 & 1.4835 in extension.

Alternative scenario: Above 1.496 look for further upside with 1.5025 & 1.5075 as targets.

Comment: the pair is breaking below its previous low and should face further weakness.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.9455

Our preference: Long positions above 0.9455 with targets @ 0.9545 & 0.96 in extension.

Alternative scenario: Below 0.9455 look for further downside with 0.939 & 0.934 as targets.

Comment: the pair is rebounding on its new support and remains on the upside.

USD/CAD intraday: the bias remains bullish.

Pivot: 1.025

Our preference: Long positions above 1.025 with targets @ 1.0295 & 1.0315 in extension.

Alternative scenario: Below 1.025 look for further downside with 1.023 & 1.021 as targets.

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

Crude Oil (Apr 13) intraday: further upside.

Pivot: 90.80

Our preference: LONG positions above 90.8 with 92.05 & 92.9 in sight.

Alternative scenario: The downside breakout of 90.8 will open the way to 90.2 & 89.55.

Comment: the double bottom pattern calls for further gains.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1587.00

Our preference: SHORT positions below 1587 with 1575 & 1568 in sight.

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

Comment: as long as 1587 is resistance, expect a return to 1575.

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

Pivot: 14160

Our preference: LONG positions above 14160 with targets @ 14390 & 14470.

Alternative scenario: The downside penetration of 14160 will call for 14055 & 13985.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

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

Pivot: 1530

Our preference: LONG positions above 1530 with 1553 & 1558 in sight.

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

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.