Today’s Forex Guide

GBP/USD 4-hour: Rebounding from the target


Mar.16.2015

8:30 am (EST) Update


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

Invest Diva positioning: Short positions below 1.4809 with targets at 1.4698 and 1.4486 in extension.

Technical reasons why: The pair is now rebounding towards the pivot level at 1.4809 after reaching our bearish target at 1.4722 as it remains on an overall downtrend below the Ichimoku's cloud. The RSI is below the neutrality area.

Alternative Scenario: Above 1.4809 look for further upide with 1.4899 and 1.5023.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.4809 1.4809 1.5023
1.4486 1.4899


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

Invest Diva positioning: Long positions above 0.9990 with targets at 1.0121 and 1.0232 in extension.

Technical reasons why: The pair is consolidating above our pivot level at 0.9990 while it is on an overall uptrend above the Ichimoku's cloud. The RSI remains above the neutrality area.

Alternative Scenario: Below 0.9990 look for further downside with 0.9691 and 0.9425.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.9691 0.9990 1.0232
0.9425 1.0121


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

Invest Diva positioning: No position.

Technical reasons why: The pair has been 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.

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


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

Invest Diva positioning: No position.

Technical reasons why: The pair is testing the key resistance level at 1.2779 above the Ichimoku's cloud with the RSI above the neutrality area, however you can also see the evening star candle-stick reversal pattern.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2659 1.2779 1.3161
1.2524 1.2971

 

ichimoku cloud important index

Back to Top

Learn How to Grow Your Wealth