Free Afternoon Forex Trading signals – May 07, 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: rebound.

Pivot: 1.305

Our preference: Long positions above 1.305 with targets @ 1.315 & 1.318 in extension.

Alternative scenario: Below 1.305 look for further downside with 1.302 & 1.299 as targets.

Comment: the RSI has broken above a declining trend line, the pair has rebounded and is breaking above its resistance.

GBP/USD intraday: under pressure.

Pivot: 1.5605

Our preference: Short positions below 1.5605 with targets @ 1.551 & 1.547 in extension.

Alternative scenario: Above 1.5605 look for further upside with 1.5635 & 1.569 as targets.

Comment: the pair remains under pressure and is challenging its support.

USD/CHF intraday: supported by a rising trend line.

Pivot: 0.9355

Our preference: Long positions above 0.9355 with targets @ 0.942 & 0.9435 in extension.

Alternative scenario: Below 0.9355 look for further downside with 0.933 & 0.931 as targets.

Comment: the pair remains supported by a rising trend line.

USD/CAD intraday: under pressure.

Pivot: 1.008

Our preference: Short positions below 1.008 with targets @ 1.0015 & 0.9995 in extension.

Alternative scenario: Above 1.008 look for further upside with 1.01 & 1.013 as targets.

Comment: as long as the resistance at 1.008 is not surpassed, the risk of the break below 1.0015 remains high.

Crude Oil (Jun 13) intraday: under pressure.

Pivot: 97.20

Our preference: SHORT positions below 97.2 with targets @ 94.65 & 92.95.

Alternative scenario: The upside penetration of 97.2 will call for 98 & 99.5.

Comment: as long as the resistance at 97.2 is not surpassed, the risk of the break below 94.65 remains high.

GOLD (Spot) intraday: aim @ 1441

Pivot: 1488.00

Our preference: SHORT positions below 1488 with 1441 & 1423 as next targets.

Alternative scenario: The upside breakout of 1488 will open the way to 1507 & 1540.

Comment: the 50 moving average is turning down. A consolidation seems more likely, as long as 1488 is resistance.

Dow Jones (Jun 13) intraday: bullish bias above 14785

Pivot: 14785

Our preference: LONG positions above 14785 with targets @ 15025 & 15090.

Alternative scenario: The downside penetration of 14785 will call for 14705 & 14625.

Comment: the RSI broke above a bearish trend line.

S&P 500 (Jun 13) intraday: bullish bias above 1595

Pivot: 1595

Our preference: LONG positions above 1595 with 1618 & 1630 as next targets.

Alternative scenario: The downside penetration of 1595 will call for a slide towards 1585 & 1576.

Comment: the RSI broke above a declining trend line.