Today’s Forex Guide

GBP/USD 4-hour: Rebounding from its current bottom level


Mar.09.2015

8:30 am (EST) Update


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

Invest Diva positioning: No positions.

Technical reasons why: The pair is slightly rebounding from its current bottom level at 1.0823 whie remaining below the Ichimoku's cloud. The RSI is at the over-sold zone.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.6760 1.0823 1.1168
1.0520 1.0986


GBP/USD 4-hour Forex Dance Floor
GBP/USD 4-hour: Rebounding.

Invest Diva positioning: Long positions above 1.5020 with targets at 1.5145 and 1.5224 in extension.

Technical reasons why: The pair is rebounding from its current bottom level at 1.5020 while remaining below the Ichimoku's cloud. The RSI is moving up from the over-sold zone.

Alternative Scenario: Below 1.5020 look for further downside with 1.4954 and 1.4847.

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

Invest Diva positioning: No positions.

Technical reasons why: The pair is consolidating at our pivot level at 120.88 above the Ichimoku's cloud. The RSI is just below the over-bought zone.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
120.44 120.88 121.60
119.78 121.27


USD/CAD 4-hour Forex Dance Floor
USD/CAD 4-hour: Moving back.

Invest Diva positioning: Short positions below 1.2625 with targets at 1.2524 and 1.2390 in extension.

Technical reasons why: The pair has been moving up and down between the key levels and now it would be expected to go back to its center level at 1.2625 above the Ichimoku's cloud. The RSI is back from the over-bought zone.

Alternative Scenario: Above 1.2625 look for further upside with 1.2779 and 1.2971.

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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