Free Afternoon Forex Trading signals – May 24, 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 upside prevails.

Pivot: 1.29

Our preference: Long positions above 1.29 with targets @ 1.2995 & 1.3025 in extension.

Alternative scenario: Below 1.29 look for further downside with 1.2865 & 1.282 as targets.

Comment: the pair remains on the upside and is challenging its previous high, the RSI is well directed.

GBP/USD intraday: intraday support around 1.505.

Pivot: 1.505

Our preference: Long positions above 1.505 with targets @ 1.5155 & 1.522 in extension.

Alternative scenario: Below 1.505 look for further downside with 1.501 & 1.4955 as targets.

Comment: the pair has rebounded on its new support and remains on the upside.

USD/CHF intraday: under pressure.

Pivot: 0.9695

Our preference: Short positions below 0.9695 with targets @ 0.9585 & 0.954 in extension.

Alternative scenario: Above 0.9695 look for further upside with 0.9735 & 0.9775 as targets.

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

USD/CAD intraday: key ST resistance at 1.036.

Pivot: 1.036

Our preference: Short positions below 1.036 with targets @ 1.0285 & 1.0245 in extension.

Alternative scenario: Above 1.036 look for further upside with 1.039 & 1.042 as targets.

Comment: as long as 1.036 is resistance, look for choppy price action with a bearish bias.

Crude Oil (Jul 13) intraday: the downside prevails.

Pivot: 94.45

Our preference: SHORT positions below 94.45 with 93 & 92.2 in sight.

Alternative scenario: The upside penetration of 94.45 will call for a rebound towards 95 & 95.55.

Comment: as long as 94.45 is resistance, look for choppy price action with a bearish bias.

GOLD (Spot) intraday: further upside.

Pivot: 1377.00

Our preference: LONG positions above 1377 with targets @ 1398 & 1419.

Alternative scenario: The downside penetration of 1377 will call for a slide towards 1354 & 1336.

Comment: the next resistances are at 1398 and then at 1419.

Dow Jones (Jun 13) intraday: the downside prevails.

Pivot: 15345

Our preference: SHORT positions below 15345 with 15080 & 15000 as next targets.

Alternative scenario: The upside penetration of 15345 will call for 15415 & 15520.

Comment: as long as 15345 is resistance, likely decline to 15080.

S&P 500 (Jun 13) intraday: the downside prevails.

Pivot: 1659

Our preference: SHORT positions below 1659 with 1626 & 1619 in sight.

Alternative scenario: The upside penetration of 1659 will call for 1673 & 1685.

Comment: as long as 1659 is resistance, look for choppy price action with a bearish bias.