Today’s Forex Guide

GBP/USD 4-hour: Moving below the 23% Fibonacci level


Mar.10.2015

3:45 pm (EST) Update

GBP/USD 4-hour Forex Dance Floor
GBP/USD 4-hour: Moving below the 23% Fibonacci level.

Invest Diva positioning: Short positions below 1.5145 with targets at 1.5020 and 1.4954 in extension.

Technical reasons why: The pair is moving up and down below the 23% Fibonacci level and the Ichimoku's cloud. The RSI is below the neutrality area.

Alternative Scenario: Above 1.5145 look for further upide with 1.5223 and 1.5286.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.4954 1.5020 1.5224
1.4847 1.5145


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

Invest Diva positioning: Long positions above 1.2659 with targets at 1.2779 and 1.2971 in extension.

Technical reasons why: The pair is testing the resistance level above the Ichimoku's cloud with the RSI above the neutrality area.

Alternative Scenario: Below 1.2659 look for further downside with 1.2524 and 1.2090.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2524 1.2659 1.2971
1.2390 1.2779

 

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