Today’s Forex Guide

GBP/USD 4-hour: Reached the target. Keep bearish.


Mar.05.2015

8:30 am (EST) Update

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

Invest Diva positioning: Short positions below 1.1067 with targets at 1.0998 and 1.0931 in extension.

Technical reasons why: The pair reached our bearish target at 1.1067 below the Ichimoku's cloud. The RSI is at over-sold zone.

Alternative Scenario: Above 1.1067 look for further upside with 1.1150 and 1.1261.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0988 1.1067 1.1261
1.0931 1.1150


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

Invest Diva positioning: Short positions below 1.5263 with targets at 1.5198 and 1.5118 in extension.

Technical reasons why: The pair reached our bearish target at the 50% Fibonacci level below the Ichimoku's cloud with the RSI at the over-sold zone. Market sentiment of one of the largest international brokers shows that 67% of traders are long the pair and the combination of the technicals and current sentiment gives a further bearish bias.

Alternative Scenario: Above 1.5263 look for further upside with 1.5328 and 1.5431.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.5198 1.5263 1.5431
1.5118 1.5328


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

Invest Diva positioning: Short positions below 0.7532 with targets at 0.7447 and 0.7343 in extension.

Technical reasons why: The pair broke below our pivot level and the Ichimoku's cloud with the RSI below the neutrality area.

Alternative Scenario: Abve 0.7532 look for further upside with 0.7600 and 0.7220.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7447 0.7532 0.7720
0.7346 0.7600


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

Invest Diva positioning: Short positions below 1.2524 with targets at 1.2390 and 1.2090 in extension.

Technical reasons why: The pair is moving down towards our first bearish target at 1.2390 below the Ichimoku's cloud. The RSI is moving below 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
1.2390 1.2524 1.2779
1.2090 1.2630

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