Today’s Forex Guide

GBP/USD 4-hour: Moving towards the key resistance level


Apr.06.2015

8:30 am (EST) Update

EUR/USD 4-hour Forex Dance Floor
EUR/USD 4-hour: Consolidating below the previous top level.

Maria's Positioning: Long positions above 1.0910 with targets at 1.1051 and 1.1161 in extension.

Technical reasons why: The pair is temporary consolidating after breaking above the pivot level and the Ichimoku's cloud. The RSI is above the neutrality area.

Alternative Scenario: Below 1.0910 look for further downside 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: Moving towards the key resistance level.

Maria's positioning: Long positions above 1.4742 with targets at 1.4986 and 1.5094 in extension.

Technical reasons why: The pair broke above the pivot level and the Ichimoku's cloud towards the key resistance levels 1.4986. The RSI is above 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


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

Maria's positioning: Long positions above 0.7610 with targets at 0.7696 and 0.7788 in extension.

Technical reasons why: The pair reached our bullish target at 0.7610 and is temporary consolidating below the level above the Ichimoku's cloud. The RSI is above the neutrality area.

Alternative Scenario: Below 0.7610 look for further downside with 0.7543 and 0.7390.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7543 0.7610 0.7788
0.7390 0.7696


USD/CAD 4-hour Forex Dance Floor
USD/CAD 4-hour: Broke below the Ichimoku's cloud.

Maria's Positioning: Short positions below 1.2525 with targets at 1.2412 and 1.2205 in extension.

Technical reasons why: The pair broke below our previous bearish target at 1.2525 and the Ichimoku's cloud. the RSI is below the neutrality area.

Alternative Scenario: Above 1.2525 look for further upside with 1.2645 and 1.2747.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2412 1.2525 1.2747
1.2205 1.2645

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