Free Afternoon Forex Trading signals – Sep 03, 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: capped by a negative trend line.

Pivot: 1.32

Our preference: Short positions below 1.32 with targets @ 1.315 & 1.312 in extension.

Alternative scenario: Above 1.32 look for further upside with 1.3225 & 1.3255 as targets.

Comment: the pair has struck against its declining trend line and remains under pressure.

GBP/USD intraday: bullish bias above 1.5525.

Pivot: 1.5525

Our preference: Long positions above 1.5525 with targets @ 1.558 & 1.5605 in extension.

Alternative scenario: Below 1.5525 look for further downside with 1.55 & 1.546 as targets.

Comment: the pair is facing a pull back on its support, the RSI remains supported by a rising trend line.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.933

Our preference: Long positions above 0.933 with targets @ 0.9375 & 0.9395 in extension.

Alternative scenario: Below 0.933 look for further downside with 0.931 & 0.9285 as targets.

Comment: the pair remains on the upside as the RSI is turning up.

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

Pivot: 1.051

Our preference: Long positions above 1.051 with targets @ 1.057 & 1.0595 in extension.

Alternative scenario: Below 1.051 look for further downside with 1.049 & 1.0465 as targets.

Comment: the pair is supported by a rising trend line currently around 1.0525.

Crude Oil (Oct 13) intraday: rebound.

Pivot: 105.50

Our preference: LONG positions above 105.5 with 108.6 & 109.15 as next targets.

Alternative scenario: The downside penetration of 105.5 will call for 104.3 & 103.55.

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

GOLD (Spot) intraday: key ST resistance at 1398

Pivot: 1398.00

Our preference: SHORT positions below 1398 with targets @ 1385 & 1374.

Alternative scenario: The upside penetration of 1398 will call for a rebound towards 1405 & 1411.

Comment: as long as the resistance at 1398 is not surpassed, the risk of the break below 1385 remains high.

Dow Jones (Sep 13) intraday: caution.

Pivot: 14960

Our preference: SHORT positions below 14960 with targets @ 14700 & 14630.

Alternative scenario: The upside penetration of 14960 will call for a rebound towards 15030 & 15110.

Comment: as long as 14960 is resistance, look for choppy price action with a bearish bias.

S&P 500 (Sep 13) intraday: key ST resistance at 1651

Pivot: 1651

Our preference: SHORT positions below 1651 with targets @ 1620 & 1611.

Alternative scenario: The upside breakout of 1651 will open the way to 1659 & 1667.

Comment: as long as 1651 is resistance, look for choppy price action with a bearish bias.