Free Afternoon Forex Trading signals – May 13, 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: key resistance at 1.3015.

Pivot: 1.3015

Our preference: Short positions below 1.3015 with targets @ 1.293 & 1.29 in extension.

Alternative scenario: Above 1.3015 look for further upside with 1.306 & 1.311 as targets.

Comment: the pair is posting a rebound but stands below its resistance, the RSI stands around its neutrality area.

GBP/USD intraday: under pressure.

Pivot: 1.5415

Our preference: Short positions below 1.5415 with targets @ 1.533 & 1.53 in extension.

Alternative scenario: Above 1.5415 look for further upside with 1.5455 & 1.549 as targets.

Comment: the pair is rebounding but stands below its resistance (former support).

USD/CHF intraday: further advance.

Pivot: 0.951

Our preference: Long positions above 0.951 with targets @ 0.963 & 0.9675 in extension.

Alternative scenario: Below 0.951 look for further downside with 0.947 & 0.9415 as targets.

Comment: the pair stands above its support and should post further advance.

USD/CAD intraday: key ST resistance at 1.015.

Pivot: 1.015

Our preference: Short positions below 1.015 with targets @ 1.009 & 1.006 in extension.

Alternative scenario: Above 1.015 look for further upside with 1.0175 & 1.0205 as targets.

Comment: the pair failed to confirm the upside breakout of the 1.0135 resistance area, showing signs of weakness.

Crude Oil (Jun 13) intraday: bullish bias above 94.8

Pivot: 94.80

Our preference: LONG positions above 94.8 with 96.75 & 97.2 as next targets.

Alternative scenario: The downside breakout of 94.8 will open the way to 93.35 & 92.9.

Comment: the RSI broke above a bearish trend line.

GOLD (Spot) intraday: key ST resistance at 1449

Pivot: 1449.00

Our preference: SHORT positions below 1449 with 1419 & 1404 in sight.

Alternative scenario: The upside penetration of 1449 will call for a rebound towards 1462 & 1476.

Comment: as long as the resistance at 1449 is not surpassed, the risk of the break below 1419 remains high.

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

Pivot: 14950

Our preference: LONG positions above 14950 with 15110 & 15150 in sight.

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

Comment: the RSI is capped by a bearish trend line.

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

Pivot: 1615

Our preference: LONG positions above 1615 with targets @ 1632 & 1639.

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

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