Free Afternoon Forex Trading signals – Sep 04, 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: 1.3155

Our preference: Long positions above 1.3155 with targets @ 1.32 & 1.3225 in extension.

Alternative scenario: Below 1.3155 look for further downside with 1.314 & 1.312 as targets.

Comment: the pair has rebounded and is breaking above a declining trend line.

GBP/USD intraday: the upside prevails.

Pivot: 1.555

Our preference: Long positions above 1.555 with targets @ 1.5635 & 1.565 in extension.

Alternative scenario: Below 1.555 look for further downside with 1.5525 & 1.55 as targets.

Comment: the pair remains on the upside and is breaking above its resistance.

USD/CHF intraday: the bias remains bullish.

Pivot: 0.933

Our preference: Long positions above 0.933 with targets @ 0.938 & 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 and is challenging its previous intraday high.

USD/CAD intraday: under pressure.

Pivot: 1.051

Our preference: Short positions below 1.051 with targets @ 1.0465 & 1.0435 in extension.

Alternative scenario: Above 1.051 look for further upside with 1.054 & 1.0555 as targets.

Comment: the break below 1.051 is a negative signal that has opened a path to 1.0465.

Crude Oil (Oct 13) intraday: bullish bias above 107

Pivot: 107.00

Our preference: LONG positions above 107 with targets @ 109.15 & 110.

Alternative scenario: The downside breakout of 107 will open the way to 105.5 & 104.3.

Comment: the RSI lacks downward momentum.

GOLD (Spot) intraday: bounce.

Pivot: 1398.00

Our preference: LONG positions above 1398 with 1416 & 1423 as next targets.

Alternative scenario: The downside penetration of 1398 will call for a slide towards 1385 & 1374.

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

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

Pivot: 14960

Our preference: SHORT positions below 14960 with 14740 & 14680 in sight.

Alternative scenario: The upside penetration of 14960 will call for 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 1631 & 1625 as next targets.

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.