Free Afternoon Forex Trading signals – Mar 20, 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: 1.292

Our preference: Short positions below 1.292 with targets @ 1.284 & 1.2815 in extension.

Alternative scenario: Above 1.292 look for further upside with 1.298 & 1.304 as targets.

Comment: the pair stands below its resistance and should face further weakness as the RSI is turning down.

GBP/USD intraday: the upside prevails.

Pivot: 1.5065

Our preference: Long positions above 1.5065 with targets @ 1.5145 & 1.518 in extension.

Alternative scenario: Below 1.5065 look for further downside with 1.5045 & 1.5005 as targets.

Comment: the pair remains on the upside and is challenging its resistance.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.9445

Our preference: Long positions above 0.9445 with targets @ 0.95 & 0.953 in extension.

Alternative scenario: Below 0.9445 look for further downside with 0.9415 & 0.9375 as targets.

Comment: the pair stands above its support and should post a rebound as the RSI is turning up.

USD/CAD intraday: under pressure.

Pivot: 1.0275

Our preference: Short positions below 1.0275 with targets @ 1.0225 & 1.0195 in extension.

Alternative scenario: Above 1.0275 look for further upside with 1.0295 & 1.0315 as targets.

Comment: the pair is rebounding but stands below its new resistance.

Crude Oil (May 13) intraday: the downside prevails.

Pivot: 93.90

Our preference: SHORT positions below 93.9 with targets @ 92.4 & 91.6.

Alternative scenario: The upside breakout of 93.9 will open the way to 94.45 & 94.9.

Comment: as long as the resistance at 93.9 is not surpassed, the risk of the break below 92.4 remains high.

GOLD (Spot) intraday: further upside.

Pivot: 1600.00

Our preference: LONG positions above 1600 with targets @ 1619 & 1625.

Alternative scenario: The downside breakout of 1600 will open the way to 1590 & 1584.

Comment: The ascending channel remains intact.

Dow Jones (Jun 13) intraday: key ST resistance at 14445

Pivot: 14445

Our preference: SHORT positions below 14445 with targets @ 14305 & 14270.

Alternative scenario: The upside penetration of 14445 will call for 14480 & 14520.

Comment: as long as 14445 is resistance, look for choppy price action with a bearish bias.

S&P 500 (Jun 13) intraday: key ST resistance at 1553

Pivot: 1553

Our preference: SHORT positions below 1553 with targets @ 1529 & 1518.

Alternative scenario: The upside penetration of 1553 will call for 1559 & 1564.

Comment: as long as 1553 is resistance, look for choppy price action with a bearish bias.