Free Afternoon Forex Trading signals – May 01, 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: 1.314

Our preference: Long positions above 1.314 with targets @ 1.3225 & 1.3265 in extension.

Alternative scenario: Below 1.314 look for further downside with 1.311 & 1.305 as targets.

Comment: the pair remains on the upside and is breaking above its previous high as the RSI is well directed.

GBP/USD intraday: the upside prevails.

Pivot: 1.5515

Our preference: Long positions above 1.5515 with targets @ 1.5605 & 1.5675 in extension.

Alternative scenario: Below 1.5515 look for further downside with 1.547 & 1.5445 as targets.

Comment: the pair is breaking above its previous high and should post further advance as the RSI is well directed.

USD/CHF intraday: under pressure.

Pivot: 0.9315

Our preference: Short positions below 0.9315 with targets @ 0.924 & 0.92 in extension.

Alternative scenario: Above 0.9315 look for further upside with 0.9345 & 0.9385 as targets.

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

USD/CAD intraday: the downside prevails.

Pivot: 1.008

Our preference: Short positions below 1.008 with targets @ 1.0045 & 1.0015 in extension.

Alternative scenario: Above 1.008 look for further upside with 1.01 & 1.0125 as targets.

Comment: the pair remains in a bearish channel and intraday technical indicators are on the downside.

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

Pivot: 93.70

Our preference: SHORT positions below 93.7 with 92 & 91.1 as next targets.

Alternative scenario: The upside penetration of 93.7 will call for 94.65 & 96.15.

Comment: the RSI is bearish and calls for further downside.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1485.00

Our preference: SHORT positions below 1485 with targets @ 1448 & 1418.

Alternative scenario: The upside penetration of 1485 will call for 1507 & 1539.

Comment: as long as 1485 is resistance, likely decline to 1448.

Dow Jones (Jun 13) intraday: bullish bias above 14670

Pivot: 14670

Our preference: LONG positions above 14670 with 14820 & 14915 as next targets.

Alternative scenario: The downside breakout of 14670 will open the way to 14590 & 14520.

Comment: the RSI is mixed to bullish.

S&P 500 (Jun 13) intraday: bullish bias above 1579

Pivot: 1579

Our preference: LONG positions above 1579 with targets @ 1598 & 1604.

Alternative scenario: The downside penetration of 1579 will call for a slide towards 1571 & 1561.

Comment: technically, the RSI is above its neutrality area at 50.