Free Afternoon Forex Trading signals – May 08, 2013

EUR/USD GBP/USD USD/CHF USD/CAD CRUDE OIL GOLD DOWJONES S&P 500
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: 1.305

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 pair is rebounding and is challenging its resistance.

GBP/USD intraday: under pressure.

Pivot: 1.5515

Our preference: Short positions below 1.5515 with targets @ 1.545 & 1.5415 in extension.

Alternative scenario: Above 1.5515 look for further upside with 1.554 & 1.557 as targets.

Comment: the pair is rebounding and is challenging its resistance.

USD/CHF intraday: under pressure.

Pivot: 0.942

Our preference: Short positions below 0.942 with targets @ 0.9355 & 0.933 in extension.

Alternative scenario: Above 0.942 look for further upside with 0.9435 & 0.9455 as targets.

Comment: the pair stands below its resistance and is challenging its rising trend line.

USD/CAD intraday: under pressure.

Pivot: 1.008

Our preference: Short positions below 1.008 with targets @ 1.003 & 1.0015 in extension.

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

Comment: the pair is capped by a declining trend line and remains under pressure.

Crude Oil (Jun 13) intraday: key ST resistance at 96.3

Pivot: 96.30

Our preference: SHORT positions @ 95.8 with 94.65 & 92.95 in sight.

Alternative scenario: The upside breakout of 96.3 will open the way to 97.2 & 98.

Comment: the RSI has just broken below a rising trend line.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1466.00

Our preference: SHORT positions below 1466 with 1441 & 1423 in sight.

Alternative scenario: The upside penetration of 1466 will call for 1488 & 1507.

Comment: as long as the resistance at 1466 is not surpassed, the risk of the break below 1441 remains high.

Dow Jones (Jun 13) intraday: bullish bias above 14875

Pivot: 14875

Our preference: LONG positions above 14875 with targets @ 15025 & 15090.

Alternative scenario: The downside breakout of 14875 will open the way to 14785 & 14705.

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

S&P 500 (Jun 13) intraday: bullish bias above 1607

Pivot: 1607

Our preference: LONG positions above 1607 with 1626 & 1630 in sight.

Alternative scenario: The downside penetration of 1607 will call for a slide towards 1595 & 1585.

Comment: the RSI broke above a declining trend line.

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