Today’s Forex Guide

EUR/USD 4-hour: Teasing the 38% Fibonacci level


Apr.07.2015

8:30 am (EST) Update

EUR/USD 4-hour Forex Dance Floor
EUR/USD 4-hour: Teasing the 38% Fibonacci level.

Maria's Positioning: Short positions below 1.0910 with targets at 1.0824 and 1.0725 in extension.

Technical reasons why: The pair is rebounding before reaching the previous top level at 1.1051 as breaking below the pivot level at the 23% Fibonacci. The RSI is below the neutrality area.

Alternative Scenario: Above 1.0910 look for further upside with 1.0725 and 1.0596.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0725 1.0910 1.1161
1.0596 1.1051


GBP/USD 4-hour Forex Dance Floor
GBP/USD 4-hour: Supported by the bullish trend line.

Maria's positioning: Long positions above 1.4853 with targets at 1.4986 and 1.5094 in extension.

Technical reasons why: The pair is supported by the bullish trend line and the 23% Fibonacci level as testing the upper boundary of the Ichimoku's cloud. The RSI moves up at the neutrality area.

Alternative Scenario: Below 1.4742 look for further downside with 1.4742 and 1.4637.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.4742 1.4853 1.5335
1.4637 1.4986


AUD/USD 4-hour Forex Dance Floor
AUD/USD 4-hour: Pulling back from the Ichimoku's cloud.

Maria's positioning: Short positions below 0.7670 with targets at 0.7552 and 0.7498 in extension.

Technical reasons why: The pair is pulling back from the Ichimoku's cloud after a strong bullish candle-stick. The RSI is heading below to the neutrality area.

Alternative Scenario: Above 0.7670 look for further upside with 0.7792 and 0.7912.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7552 0.7670 0.7792
0.7498 0.7912


USD/JPY 4-hour Forex Dance Floor
USD/JPY 4-hour: Reached the 50% Fibonacci level.

Maria's Positioning: No positions.

Technical reasons why: The pair reached the 50% Fibonacci level as a key resistance level at 120.16 above the Ichimoku's cloud. A confirmation of breaking above this level woulld signal further up-moves. The RSi is above the neutrality area.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
119.73 120.16 121.14
119.19 120.63

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