Free Afternoon Forex Trading signals – Mar 12, 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: 1.2985

Our preference: Long positions above 1.2985 with targets @ 1.3055 & 1.3075 in extension.

Alternative scenario: Below 1.2985 look for further downside with 1.2955 & 1.2915 as targets.

Comment: the pair is rebounding on its support as the RSI is reversing up from its oversold area.

GBP/USD intraday: the downside prevails.

Pivot: 1.4915

Our preference: Short positions below 1.4915 with targets @ 1.483 & 1.479 in extension.

Alternative scenario: Above 1.4915 look for further upside with 1.496 & 1.5025 as targets.

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

USD/CHF intraday: intraday support around 0.9455.

Pivot: 0.9455

Our preference: Long positions above 0.9455 with targets @ 0.9505 & 0.9545 in extension.

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

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

USD/CAD intraday: rebound.

Pivot: 1.0245

Our preference: Long positions above 1.0245 with targets @ 1.0295 & 1.0315 in extension.

Alternative scenario: Below 1.0245 look for further downside with 1.023 & 1.021 as targets.

Comment: the pair is rebounding and is breaking above its resistance, the RSI is well directed.

Crude Oil (Apr 13) intraday: further advance.

Pivot: 90.80

Our preference: LONG positions above 90.8 with targets @ 92.45 & 92.9.

Alternative scenario: The downside penetration of 90.8 will call for a slide towards 90.2 & 89.55.

Comment: the double bottom pattern calls for further gains towards 92.9.

GOLD (Spot) intraday: bullish bias above 1581

Pivot: 1581.00

Our preference: LONG positions above 1581 with targets @ 1599 & 1603.

Alternative scenario: The downside breakout of 1581 will open the way to 1575 & 1568.

Comment: the break above 1587 is a positive signal that has opened a path to 1599.

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

Pivot: 14270

Our preference: LONG positions above 14270 with 14390 & 14470 as next targets.

Alternative scenario: The downside penetration of 14270 will call for a slide towards 14160 & 14055.

Comment: the RSI lacks downward momentum.

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

Pivot: 1540

Our preference: LONG positions above 1540 with 1553 & 1560 in sight.

Alternative scenario: The downside breakout of 1540 will open the way to 1531 & 1519.

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