Today’s Forex Guide

GBP/USD 4-hour: Reached the key support level


Mar.13.2015

8:30 am (EST) Update

GBP/USD 4-hour Forex Dance FloorGBP/USD 4-hour: Reached the key support level.

Invest Diva positioning: Short positions below 1.4809 with targets at 1.4722 and 1.4647 in extension.

Technical reasons why: The pair reached our bearish target at 1.4809 below the Ichimoku's cloud with the RSI at the over-sold zone. A break below this key support level would signal a further down-moves to its previous low in 2010.

Alternative Scenario: Above 1.4809 look for further upide with 1.4892 and 1.5047.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.4722 1.4809 1.5047
1.4647 1.4892


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

Invest Diva positioning: Short positions below 0.7722 with targets at 0.7559 and 0.7457 in extension.

Technical reasons why: The pair reached our bullish target at the 23% Fibonacci level and is rebounding from that level below the Ichimoku's cloud. The RSI is below the neutrality area.

Alternative Scenario: Above 0.7722 look for further upside with 0.7823 and 0.7904.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0384 1.0507 1.0877
1.0153 1.0736


NZD/USD 4-hour Forex Dance Floor
NZD/USD 4-hour: Back to the pivot level before reaching the target.

Invest Diva positioning: Short positions below 0.7343 with targets at 0.7175 and 0.69702 in extension.

Technical reasons why: The pair failed to reach our first target at 38% Fibonacci level at 0.7447 and is back to its pivot level at 23% Fibonacci level below the Ichimoku's cloud. The RSI is slightly below the neutrality area.

Alternative Scenario: Above 0.7343 look for further upside with 0.7437 and 0.753.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7175 0.7343 0.7532
0.6970 0.7437


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

Invest Diva positioning: Long positions above 121.53 with targets at 122.00 and 122.80 in extension.

Technical reasons why: The pair is consolidating above the 23% Fibonacci level while it remains on an overall uptrend above the Ichimoku's cloud. The RSI is flat above the neutrality area.

Alternative Scenario: Below 121.12 look for further downside with 120.57 and 120.13.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
120.57 121.53 122.00
120.12 121.12 122.80

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