Today’s Forex Guide

EUR/USD 4-hour: Moving up inside the Ichimoku’s cloud


Mar.20.2015

8:30 am (EST) Update

EUR/USD 4-hour Forex Dance Floor
EUR/USD 4-hour: Moving up inside the Ichimoku's cloud.

Invest Diva positioning: Long positions above 1.0613 with targets at 1.0854 and 1.0973 in extension.

Technical reasons why: The pair is moving up as reaching the 23% Fibonacci level inside the Ichimoku's cloud with the RSI above the neutrality area. A break above the Ichimoku's cloud would signal a further up-moves.

Alternative Scenario: Below 1.0613 look for further downside with 1.0469 and 1.0324.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0469 1.0613 1.0973
1.0324 1.0854


GBP/USD 4-hour Forex Dance Floor
GBP/USD 4-hour: Testing the key support level.

Invest Diva positioning: No positions.

Technical reasons why: The pair once surpassed the 50% Fibonacci level but is now back at the key support level at 1.4809 below the Ichimoku's cloud. A break below this level would signal a further down-moves. The RSI is slightly below the neutrality area.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.4698 1.4809 1.5023
1.4565 1.4899


NZD/USD 4-hour Forex Dance Floor
NZD/USD 4-hour: Reached the 38% Fibonacci level.

Invest Diva positioning: Long positions above 0.7382 with targets at 0.7532 and 0.7616 in extension.

Technical reasons why: The pair reached the 38% Fibonacci level and is one its way to the 50% Fibonacci level at 0.7532 above the Ichimoku's cloud. The RSI is above the neutrality area.

Alternative Scenario: Below 0.7382 look for further downside with 0.7291 and 0.7175.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7291 0.7382 0.7616
0.7175 0.7532


USD/JPY 4-hour Forex Dance Floor
USD/JPY 4-hour: Reached the 23% Fibonacci level.

Invest Diva positioning: Long positions above 121.12 with targets at 121.53 and 122.00 in extension.

Technical reasons why: The pair is trapped inside the Ichimoku's cloud and reached the 23% Fibonacci level as our first bullish target. The RSI is abve the neutrality area.

Alternative Scenario: Below 121.12 look for further downside with 120.57 and 120.13.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
120.57 121.12 122.00
120.13 122.53

 

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