From the city that loves to trade, My name is Kiana Danial, a Persian member of the tribe, an Electrical Engineering graduate from Japan, and the founder of Invest Diva right here in New York, and this, is your forex trading analysis for the week, using our unique metaphor of dancing currency pairs on the forex dance floor.
Did you see that on the USD/JPY forex dance floor? Mr. Japanese Yen has been full of surprises recently. Although we were predicted his fall for such a long time, most of us weren’t prepare for such a hard fall so fast. If you don’t know what I’m talking about, take a look at the daily Forex dance floor for Ms. USA and Mr. Japanese Yen.
The pair was teasing the 110 psychological barrier for a while. We had our bullish targets set at 110, 111 and 114 in extension, but when the pair hit our 111 target on Friday, it didn’t let us re-adjust our next target and basically sky-rocketed all the way to 112 and then to 113 on Monday. The RSI is way above the overbought zone but we can still see the pair continue its way up to our bullish target of 114.600 in the coming days.
Mr. Aussie remains confused and unable to sort out his new trend against Ms. USA as they continue to dance in a range below the Ichimoku cloud but above a key support level at 0.8670. A break above the 23% Fibonacci level would be needed for confirmation of a new uptrend, while a break below 0.8670 could open doors for more drops with 0.8600 as first alternative target.
EUR/USD reached our previous bearish target of 1.2495 and testing below it while remaining below the Ichimoku cloud. Our outlook remains bearish with 1.2260 as next target, however a break above 1.2890 would change our outlook to bullish with 1.3100 as first alternative target.
Taking a look at the major events in the forex world in the coming days, Tuesday Later in the day we will here from the New Zealand jobs data at 10.45 PM GMT. Wednesday brings with it the all important Non-farm employment change data released at 2:15 PM, but before that we will here from Mr. Kuroda from Bank of Japan who can give us some further clues about the destiny of the Japanese Yen
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Intraday Forex Technical Levels
GBP/USD 4-hour: Consolidating.
Invest Diva Likes: Short positions below 1.5942 with targets at 1.5882 and 1.5825.
If Pair Goes Nuts: Above 1.6025 look for further upside towards 1.6114 and 1.6186.
What’s up on the Forex Dance Floor: The pair continues to consolidate between the key levels at 1.6025 and 1.5942, below the Ichimoku’s cloud. The RSI is moving below the neutrality area.
Supports and Resistances
1.6186
1.6114
1.6025 Pivot Point
1.5942
1.5882
1.5825
USD/CHF 4-hour: Rebounding.
Invest Diva Likes: Long positions above 0.9573 with targets at 0.9689 and 0.9745 in extension.
If Pair Goes Nuts: Below 0.9573 look for further downside towards 0.9477 and 0.9392.
What’s up on the Forex Dance Floor: The pair failed to break above a key resistance level at 0.9689 and is rebounding while remaining above the Ichimoku’s cloud. The RSI is heading down to the neutrality area.
Supports and Resistances
0.9745
0.9689
0.9573 Pivot Point
0.9477
0.9392
USD/CAD 4-hour: Teasing the previous top.
Invest Diva Likes: Long positions above 1.1384 with targets at 1.1445 and 1.1570 in extension.
If Pair Goes Nuts: Below 1.1384 look for further downside towards 1.1298 and 1.1248.
What’s up on the Forex Dance Floor: The pair is on an overall uptrend, reached and broker above a previous resistance level at 1.1384 above the Ichimoku’s cloud. The RSI has reached the overbought zone.
Supports and Resistances
1.1570
1.1445
1.1384 Pivot Point
1.1293
1.1248
EUR/JPY 4-hour: Pulling back.
Invest Diva Likes: Long positions above 142.25 with targets at 143.31 and 145.03 in extension.
If Pair Goes Nuts: Below 142.25 look for further downside towards 140.47 and 139.37.
What’s up on the Forex Dance Floor: The pair is facing a pull back from the previous resistance level at 142.25 above the Ichimoku’s cloud with the RSI moving above the overbought zone. A break abovethis key level would give further growth.
Supports and Resistances
145.03
134.31
142.25 Pivot Point
140.47
139.37
Intraday Commodities Technical Levels
Dow Jones Intraday: bullish bias above 17060.
Invest Diva Likes: Long positions above 17060 with targets at 17370 and 17500 in extension.
Alternative scenario: Below 17060 look for further downside with 16930 and 16830 as targets.
Gold spot Intraday: under pressure.
Invest Diva Likes: Short positions below 1182 with targets at 1145 and 1130 in extension.
Alternative scenario: Above 1182 look for further upside with 1195 and 1208 as targets.
Crude Oil Intraday: under pressure.
Invest Diva Likes: Short positions below 79.55 with targets at 77.35 and 76.6 in extension.
Alternative scenario: Above 79.55 look for further upside with 81 and 81.5 as targets.
#1 Best Selling Author. Helping you accelerate your retirement with Triple Compounding™ Former engineer on a mission to help 1 million households take control of their finances. Founder & CEO of Invest Diva.
