Forex Video: Spinning Top

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Forex Video: Spinning Top

After a period of stormy movements, we can normally expect a period of indecisiveness in the market which leads to formation of interesting candlestick patterns, namely the Spinning Top.

Oh, were you thinking of something else when you saw the title? You probably wouldn’t have if you had studied technical analysis with Invest Diva’s 5-hour video education course.

Anywho,  in today’s video I unravel the dancing moves of a bunch of currencies pairs dancing on the forex dance floor, namely USD/CAD, EUR/USD and USD/CHF.

On the fundamental side, BoE governor Mark Carney said that the first rate hike is planned for spring 2015. Mr. British Pound hit an intraday high of 1.6155 on the news and remained the main directional mover for the morning London session, not only thanks to Mr. Carney but also because of  better-than-expected read on industrial production.

USD/CAD Daily Technical Analysis

Last week’s Non Farm Payrolls showed that the labor market slowdown ain’t over yet neither in the US nor in Canada. What does this mean for MS. USA as she dance against Mr. Canadian dollar on the forex dance floor? Indecisiveness! The pair has been teasing the 50% Fibonacci level for so long now it’s not even funny anymore. But it does remain above the Ichimoku cloud with a full bullish candle forming after a Spinning Top. A break above the 50% Fibo level at 1.0948 could open doors for more gains with target set at 1.127, while a break below the Ichimoku cloud and support level at 1.0775 would bring the bears back in power with 1.0620 as first alternative target.

EUR/USD Daily Technical Analysis

EUR/USD made us even more pips last week after it reached our second bearish target at 1.30 and making the Invest Diva followers very happy. Right now we are facing the calm before the storm with more indecisiveness on the forex dance floor, although looking at the market sentiment, we could expect more drops towards the pervious bottom at 1.2780.

USD/CHF Daily Technical Analysis

Dollar Swissy also reached and surpassed our target of 0.9249 on Thursday and then started to take a rest. We could see more gains towards 0.9450, but if the pair suddenly decides to go nuts and breaks below 0.8977, that would change our outlook to bearish with 0.8831 as first alternative target.

Stay tuned for more video updates and don’t forget to check out our fabulous education course to learn all you need to know about forex trading in less than 5 hours.

Intraday Forex Technical Levels

GBP/USD 4-hour: Rebounding.

Invest Diva Likes: Long positions above 1.6068 with targets at 1.6257 and 1.6320 in extension.

If Pair Goes Nuts: Below 1.6068 look for further downside towards 1.5800.

What’s up on the Forex Dance Floor: The pair is on an overall downtrend but is now rebounding from the resistance level at 1.6068. The RSI is in the oversold zone.

Supports and Resistances
1.6320

1.6257

1.6068 Pivot point

1.580

USD/JPY 4-hour: Rebounding.

Invest Diva Likes: Short positions below 106.34 with targets at 105.37 and 105 in extension.

If Pair Goes Nuts: Above 106.34 look for further upside towards 107 and 107.50.

What’s up on the Forex Dance Floor: The pair is on an overall uptrend but is now rebounding after forming bullish spinning top candle pattern. The RSI is in the overbought zone.

Supports and Resistances
107.50

107.00

106.34 Pivot point

105.37

105.00

AUD/USD 4-hour: Moving up.

Invest Diva Likes: Long positions above 0.9251 with targets at 0.9291 and 0.9303 in extension.

If Pair Goes Nuts: Below 0.9276 look for further downside towards 0.9251 and 0.9210.

What’s up on the Forex Dance Floor: The pair is rebounding after hitting the support level at 0.9251 below the Ichimoku’s cloud. The RSI is also rebounding from the oversold zone.

Supports and Resistances

0.9030

0.9291

0.9276

0.9251

0.9210

Intraday Commodities Technical Levels

Dow Jones Intraday: the upside prevails.

Invest Diva’s like: Long positions above 16995 with targets at 17155 and 17190 in extension.

Alternative scenario: Below 16995 look for further downside with 16960 and 16895 as targets.

Gold spot Intraday: under pressure.

Invest Diva’s like: Short positions below 1272 with targets at 1245 and 1241 in extension.

Alternative scenario: Above 1272 look for further upside with 1277 and 1283 as targets.

Crude Oil Intraday: under pressure.

Invest Diva’s like: Short positions below 93.6 with targets at 91.8 and 90.95 in extension.

Alternative scenario: Above 93.6 look for further upside with 94.15 and 95 as targets.