Today’s Forex Guide

GBP/USD 4-hour: Entering the Ichimoku’s cloud


Mar.02.2015

8:30 am (EST) Update

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

Invest Diva positioning: Short positions below 1.1191 with targets at 1.1067 and 1.0931 in extension.

Technical reasons why: The pair is consolidating at the pivot level at 1.1191 below the Ichimoku's cloud. The RSI is below the neutrality area.

Alternative Scenario: Above 1.1191 look for further upside with 1.1277 and 1.1426.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.1067 1.1191 1.1426
1.0931 1.1277


GBP/USD 4-hour Forex Dance Floor
GBP/USD 4-hour: Entering the Ichimoku's cloud.

Invest Diva positioning: Short positions below 1.5441 with targets at 1.5352 and 1.5280 in extension.

Technical reasons why: The pair is entering the Ichimoku's cloud below the pivot level with the RSI below the neutrality area.

Alternative Scenario: Above 1.5441 look for further upside with 1.5537 and 1.5584.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.5352 1.5441 1.5584
1.5280 1.5537


USD/JPY 4-hour Forex Dance Floor
USD/JPY 4-hour: Reached he 76% Fibonacci level.

Invest Diva positioning: Short positions below 119.91 with targets at 119.59 and 119.33 in extension.

Technical reasons why: The pair reached our target at the 76% Fibonacci level and is rebounding above the Ichimoku's cloud. The RSI is moving down from the over-bought zone.

Alternative Scenario: Above 119.91 look for further upside with 120.44 and 120.88.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
119.59 119.91 120.88
119.33 120.44


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

Invest Diva positioning: Short positions below 1.2524 with targets at 1.2378 and 1.2090 in extension.

Technical reasons why: The pair is consolidating right below thhe Ichimoku's cloud and the pivot level at 1.2524. The RSI keeps flat around the neutrality area.

Alternative Scenario: Above 1.2524 look for further upside with 1.2630 and 1.2779.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2378 1.2524 1.2779
1.2090 1.2630

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