Free Afternoon Forex Trading signals – May 09, 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: 1.313

Our preference: Long positions above 1.313 with targets @ 1.318 & 1.3215 in extension.

Alternative scenario: Below 1.313 look for further downside with 1.31 & 1.305 as targets.

Comment: the pair is pulling back on its new support ahead of further advance.

GBP/USD intraday: the bias remains bullish.

Pivot: 1.552

Our preference: Long positions above 1.552 with targets @ 1.56 & 1.564 in extension.

Alternative scenario: Below 1.552 look for further downside with 1.549 & 1.545 as targets.

Comment: the pair is rebounding on its support and should reach its next resistance, the RSI is well directed.

USD/CHF intraday: the downside prevails.

Pivot: 0.9375

Our preference: Short positions below 0.9375 with targets @ 0.933 & 0.9305 in extension.

Alternative scenario: Above 0.9375 look for further upside with 0.94 & 0.9435 as targets.

Comment: the pair is posting a pull back but stands below its resistance.

USD/CAD intraday: the downside prevails.

Pivot: 1.004

Our preference: Short positions below 1.004 with targets @ 0.9995 & 0.998 in extension.

Alternative scenario: Above 1.004 look for further upside with 1.008 & 1.01 as targets.

Comment: the pair is trading in a bearish channel.

Crude Oil (Jun 13) intraday: the bias remains bullish.

Pivot: 94.85

Our preference: LONG positions above 94.85 with targets @ 97.2 & 98.

Alternative scenario: The downside penetration of 94.85 will call for a slide towards 93.7 & 92.95.

Comment: the RSI is mixed and calls for caution.

GOLD (Spot) intraday: further upside.

Pivot: 1463.00

Our preference: LONG positions above 1463 with targets @ 1478 & 1488.

Alternative scenario: The downside penetration of 1463 will call for 1450 & 1441.

Comment: the RSI is mixed and calls for caution.

Dow Jones (Jun 13) intraday: bullish bias above 14950

Pivot: 14950

Our preference: LONG positions above 14950 with targets @ 15090 & 15150.

Alternative scenario: The downside breakout of 14950 will open the way to 14875 & 14790.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

S&P 500 (Jun 13) intraday: bullish bias above 1615

Pivot: 1615

Our preference: LONG positions above 1615 with 1631 & 1639 in sight.

Alternative scenario: The downside penetration of 1615 will call for 1607 & 1595.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.