Free Afternoon Forex Trading signals – May 20, 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 ST resistance at 1.289

Pivot: 1.2890.

Our preference: SHORT positions below 1.289 with 1.279 & 1.2745 as next targets.

Alternative scenario: The upside penetration of 1.289 will call for a rebound towards 1.293 & 1.2995.

Comment: as long as 1.289 is resistance, look for choppy price action with a bearish bias.

GBP/USD intraday: key ST resistance at 1.5215.

Pivot: 1.5215

Our preference: Short positions below 1.5215 with targets @ 1.5155 & 1.511 in extension.

Alternative scenario: Above 1.5215 look for further upside with 1.5255 & 1.533 as targets.

Comment: as long as 1.5215 is resistance, look for choppy price action with a bearish bias.

USD/CHF intraday: intraday support around 0.966.

Pivot: 0.966

Our preference: Long positions above 0.966 with targets @ 0.975 & 0.98 in extension.

Alternative scenario: Below 0.966 look for further downside with 0.963 & 0.959 as targets.

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

USD/CAD intraday: bullish bias above 1.025.

Pivot: 1.025

Our preference: Long positions above 1.025 with targets @ 1.0335 & 1.0375 in extension.

Alternative scenario: Below 1.025 look for further downside with 1.021 & 1.0175 as targets.

Comment: the RSI lacks downward momentum.

Crude Oil (Jun 13) intraday: further advance.

Pivot: 94.40

Our preference: LONG positions above 94.4 with 96.45 & 97.1 in sight.

Alternative scenario: The downside penetration of 94.4 will call for 93.25 & 92.1.

Comment: the RSI is negative but supported by a strong support.

GOLD (Spot) intraday: under pressure.

Pivot: 1370.00

Our preference: SHORT positions below 1370 with 1335 & 1322 as next targets.

Alternative scenario: The upside breakout of 1370 will open the way to 1393 & 1407.

Comment: gold prices are capped by a negative trend line.

Dow Jones (Jun 13) intraday: bullish bias above 15190

Pivot: 15190

Our preference: LONG positions above 15190 with 15330 & 15380 as next targets.

Alternative scenario: The downside breakout of 15190 will open the way to 15145 & 15075.

Comment: the RSI is supported by a rising trend line.

S&P 500 (Jun 13) intraday: bullish bias above 1646

Pivot: 1646

Our preference: LONG positions above 1646 with targets @ 1672 & 1679.

Alternative scenario: The downside penetration of 1646 will call for 1633 & 1626.

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