Today’s Forex Guide

GBP/USD Hit 5-Year Low


Apr.13.2015

6:30 PM (EST) Update

GBP/USD Daily Forex Dance Floor
GBP/USD Daily: Reached Parity at 1.46

Suggested positioning: Short position below 1.4835 with targets at 1.44 and 1.42 in extension

Technical reasons why: Unable to break above the Ichimoku cloud, the pair hit a 5 year low on Monday which could be the start of more drops to the lows of 2010 at 1.44 and 1.42.

Alternative Scenario: Above 23% Fibonacci level of 1.4835 look for up moves towards 50% Fibonacci at 1.5073.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.44 1.4835 1.5073
1.42 1.5180

 

2:00 AM (EST) Update

USD/JPY Daily Forex Dance Floor
USD/JPY Daily: Ranging between 121 and 116

Suggested positioning: Short position below 119 with 116 as a range target

Technical reasons why: The pair has been ranging between the key support and resistance levels with all 5 Ichimoku Kinko Hyo moving averages flattening. Unless we have a shock coming out of Bank of Japan, we should be able to range trade the pair aiming smaller pips.

Alternative Scenario: Above 119 go long with 121 as target

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
116 119 121

 

Back to Top

Learn How to Grow Your Wealth