Today’s Forex Guide

EUR/USD Dropped to the key support level


Jan.23.2015

1/23/2015 8:30 update


EUR/USD 4-hour Forex Dance Floor
EUR/USD 4-hour: Reached the key support level.
Invest Diva positioning: Short positions below 1.1173 with targets at 1.0807 and 1.0507 in extension.

Technical reasons why: The pair keeps being on an overall downtrend and reached the key support level at 1.1173 below the Ichimoku's cloud. A confirmation of breaking below this level would signal a further drop. The RSI is below the over-sold zone.

Alternative Scenario: Above 1.1173 look for further upside towards 1.1384 and 1.1548.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0807 1.1173 1.1548
1.0507 1.1384


AUD/USD 4-hour Forex Dance Floor
AUD/USD 4-hour: Dropping.

Invest Diva positioning: Short positions below 0.8036 with targets at 0.7879 and 0.7700 in extension.

Technical reasons why: The pair broke below the previous bottom level at 0.8036 and continues to drop. The RSI is heading down to below the over-sold zone.

Alternative Scenario: Above 0.8036 look for further upside towards 0.8213 and 0.8322.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7879 0.8036 0.8322
0.8036 0.8213


NZD/USD 4-hour Forex Dance Floor
NZD/USD 4-hour: Dropping.

Invest Diva positioning: Short positions below 0.7473 with targets at 0.7396 and 0.7265 in extension.

Technical reasons why: The pair reached our bearish target and continues to drop below the Ichimoku's cloud. The RSI is moving at the over-sold zone.

Alternative Scenario: Above 0.7473 look for further upside towards 0.7625 and 0.7694.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7396 0.7473 0.7694
0.7265 0.7625


USD/CAD 4-hour Forex Dance Floor
USD/CAD 4-hour: Uptrend prevails.

Invest Diva positioning: Long positions above 1.2445 with targets at 1.2664 and 1.2779 in extension.

Technical reasons why: The pair keeps being on uptrend and reached our bullish target at 1.2445 above the Ichimoku's cloud. The RSI is moving above the over-bought zone.

Alternative Scenario: Below 1.2445 look for further downside towards 1.2323 and 1.2090.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2323 1.2445 1.2779
1.2090 1.2664

1/23/2015 3:30 update


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

Invest Diva positioning: Short positions below 1.5053 with targets at 1.4954 and 1.4846 in extension.

Technical reasons why: The pair reached our bearish target at 1.4954 and is rebounding below the Ichimoku's cloud and the key resistance level. The RSI is moving below the neutrality area.

Alternative Scenario: Above 1.5053 look for further upside towards 1.5172 and 1.5332.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.4954 1.5053 1.5335
1.4846 1.5172


USD/CHF 4-hour Forex Dance Floor
USD/CHF 4-hour: Testing resistance level.

Invest Diva positioning: Short positions below 0.8745 with targets at 0.8572 and 0.8375 in extension.

Technical reasons why: The pair is testing the resistance level at 0.8745 below the Ichimoku's cloud. A confirmation of breaking above this level would give a further up-move. The RSI at the neutrality area.

Alternative Scenario: Above 0.8745 look for further upside towards 0.8865 and 0.8997.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.8572 0.8745 0.8997
0.8375 0.8865

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