Today’s Forex Guide

EUR/USD 4-hour: Testing the previous bottom


Mar.04.2015

8:30 am (EST) Update

EUR/USD 4-hour Forex Dance Floor
EUR/USD 4-hour: Testing the previous bottom.

Invest Diva positioning: Short positions below 1.1150 with targets at 1.1067 and 1.0931 in extension.

Technical reasons why: The pair reached and surpassed the previous bottom level at 1.1150 below the Ichimoku's cloud. The RSI is below the neutrality area.

Alternative Scenario: Above 1.1150 look for further upside with 1.1261 and 1.1386.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.1067 1.1150 1.1386
1.0931 1.1261


GBP/USD 4-hour Forex Dance Floor
GBP/USD 4-hour: Reached the target.

Invest Diva positioning: Short positions below 1.5328 with targets at 1.5263 and 1.5198 in extension.

Technical reasons why: The pair reached our bearish target at the 38% Fibonacci level below the Ichimoku's cloud with the RSI below the neutrality area. Market sentiment of one of the largest international brokers shows that 62% of traders are long the pair and the combination of the technicals and current sentiment gives a further bearish bias.

Alternative Scenario: Above 1.5328 look for further upside with 1.5431 and 1.5537.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.5263 1.5328 1.5537
1.5198 1.5431


NZD/USD 4-hour Forex Dance Floor
NZD/USD 4-hour: Up-moves.

Invest Diva positioning: Long positions below 0.7532 with targets at 0.7616 and 0.7220 in extension.

Technical reasons why: The pair is moving up towards our first bullish target at the 61% Fibonacci level at 0.7616 above the Ichimoku's cloud. The RSI is above the neutrality area.

Alternative Scenario: Below 0.7532 look for further downside with 0.7447 and 0.7343.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7447 0.7532 0.7720
0.7346 0.7616


USD/JPY 4-hour Forex Dance Floor
USD/JPY 4-hour: Consolidating.

Invest Diva positioning: No positions.

Technical reasons why: The pair is consolidating at the 61% Fibonacci level while it remains above the Ichimoku's cloud. The RSI is at the neutrality area.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
119.33 119.59 120.44
118.74 120.11

Back to Top

Learn How to Grow Your Wealth