Free Afternoon Forex Trading signals – May 29, 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: rebound.

Pivot: 1.2875

Our preference: Long positions above 1.2875 with targets @ 1.299 & 1.3025 in extension.

Alternative scenario: Below 1.2875 look for further downside with 1.284 & 1.282 as targets.

Comment: the pair has rebounded and is breaking above its resistance.

GBP/USD intraday: rebound.

Pivot: 1.504

Our preference: Long positions above 1.504 with targets @ 1.5115 & 1.5155 in extension.

Alternative scenario: Below 1.504 look for further downside with 1.501 & 1.4975 as targets.

Comment: the pair is breaking above its resistance and should post further advance.

USD/CHF intraday: under pressure.

Pivot: 0.9705

Our preference: Short positions below 0.9705 with targets @ 0.959 & 0.9545 in extension.

Alternative scenario: Above 0.9705 look for further upside with 0.9735 & 0.9785 as targets.

Comment: the pair has broken below its support and remains under pressure.

USD/CAD intraday: supported by a rising trend line.

Pivot: 1.033

Our preference: Long positions above 1.033 with targets @ 1.042 & 1.0445 in extension.

Alternative scenario: Below 1.033 look for further downside with 1.028 & 1.0245 as targets.

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

Crude Oil (Jul 13) intraday: under pressure.

Pivot: 95.00

Our preference: SHORT positions below 95 with targets @ 93.05 & 92.5.

Alternative scenario: The upside penetration of 95 will call for a rebound towards 95.9 & 97.3.

Comment: the RSI is bearish and calls for further downside.

GOLD (Spot) intraday: further advance.

Pivot: 1377.00

Our preference: LONG positions above 1377 with targets @ 1402 & 1419.

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

Comment: Gold prices are supported by a rising trend line.

Dow Jones (Jun 13) intraday: consolidation.

Pivot: 15410

Our preference: SHORT positions @ 15321 with 15180 & 15140 as next targets.

Alternative scenario: The upside penetration of 15410 will call for a rebound towards 15520 & 15570.

Comment: the RSI is bearish and calls for further downside.

S&P 500 (Jun 13) intraday: consolidation.

Pivot: 1659

Our preference: SHORT positions @ 1648 with 1633 & 1620 as next targets.

Alternative scenario: The upside breakout of 1659 will open the way to 1673 & 1679.

Comment: the RSI is bearish and calls for further downside.