Forex Diva's report

Lazy pairs on summer vacation


Jul.22.2014

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It’s summertime and many currency pairs seem to be taking a rest on the forex dance floor. Mr. British Pound continues its consolidation against Ms. USA above the Ichimoku cloud, while Ms. USA is consolidating against Mr. Japanese yen below the Ichimoku cloud. Another lazy currency is  Mr. Aussie who hasn’t moved much after he reached a top at 0.95 against Ms. USA, and continues to dance sideways around the 0.94 level.

 Mr. Euro and Ms. USA continue to dance below the prevailing Ichimoku cloud and currently teasing the 38% fibonacci level at 1.35. As you know we entered a bearish position right after the pair confirmed a break below a rising wedge on the daily forex dance floor and have our target set at 1.345 and 1.33 in extension. Now if the pair suddenly decides to go nuts and break above 1.378, we could see further upside with 1.4 & 1.4245 as targets.

IMG 1 EUR USD daily forex chart 07222014

 

 Dollar Swissy is pushing the upper band of the downward channel we’ve been following for months and remains above the Ichimoku cloud. Both the 20-day and the 50-day moving average are reversing up and increase upward momentum so we are thinking that the pair could bounce towards  0.91 area.

IMG 2 USDCHF 07222014

On the precious metals side gold it has pushed above a key declining trend line and a key resistance level at 13333 turning our outlook clearly to bullish and we could see a bounce towards 1390 and 1434 in the coming days.

Long term traders. Don’t sweat the small losses and look at the big picture. Short term traders, invest responsibly, and if you have no idea what I just talked about, that only means you must enroll in Invest Diva’s education course ASAP and learn how to make money by trading the largest market in the world.

Kiana Danial trading strategist at Invest diva

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Intraday Forex Technical Levels

EUR/USD Intraday: the downside prevails.

Invest Diva likes: Short positions below 1.3525 with targets @ 1.3465 & 1.3435 in extension.

If pair goes nuts: Above 1.3525 look for further upside with 1.355 & 1.3575 as targets.

What’s up on the forex dance floor: The immediate trend remains down and the momentum is strong.

Supports and resistances:
1.3575
1.355
1.3525
1.3485 Last
1.3465
1.3435
1.34

GBP/USD Intraday: consolidation in place.

Invest Diva likes: Short positions below 1.71 with targets @ 1.7035 & 1.6995 in extension.

If pair goes nuts: Above 1.71 look for further upside with 1.7115 & 1.714 as targets.

What’s up on the forex dance floor: As long as the resistance at 1.71 is not surpassed, the risk of the break below 1.7035 remains high.

Supports and resistances:
1.714
1.7115
1.71
1.7066 Last
1.7035
1.6995
1.696

USD/JPY Intraday: the upside prevails.

Invest Diva likes: Long positions above 101.25 with targets @ 101.6 & 101.8 in extension.

If pair goes nuts: Below 101.25 look for further downside with 101.05 & 100.85 as targets.

What’s up on the forex dance floor: The RSI is bullish and calls for further upside.

Supports and resistances:
102
101.8
101.6
101.5645 Last
101.25
101.05
100.85

USD-JPY-30-min-Forex-chart

USD/CHF Intraday: further advance.

Invest Diva likes: Long positions above 0.8965 with targets @ 0.9015 & 0.904 in extension.

If pair goes nuts: Below 0.8965 look for further downside with 0.8935 & 0.891 as targets.

What’s up on the forex dance floor: A support base at 0.8965 has formed and has allowed for a temporary stabilisation.

Supports and resistances:
0.908
0.904
0.9015
0.901 Last
0.8965
0.8935
0.891

NZD/USD Intraday: under pressure.

Invest Diva likes: Short positions below 0.872 with targets @ 0.8645 & 0.862 in extension.

If pair goes nuts: Above 0.872 look for further upside with 0.8745 & 0.8785 as targets.

What’s up on the forex dance floor: Technically the RSI is below its neutrality area at 50.

Supports and resistances:
0.8785
0.8745
0.872
0.8667 Last
0.8645
0.862
0.86

AUD/USD Intraday: key resistance at 0.941.

Invest Diva likes: Short positions below 0.941 with targets @ 0.9325 & 0.929 in extension.

If pair goes nuts: Above 0.941 look for further upside with 0.9455 & 0.9485 as targets.

What’s up on the forex dance floor: As long as 0.941 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:
0.9485
0.9455
0.941
0.9386 Last
0.9325
0.929
0.9255

AUD-USD-30-min-Forex-chart

USD/CAD Intraday: the bias remains bullish.

Invest Diva likes: Long positions above 1.0695 with targets @ 1.0795 & 1.0825 in extension.

If pair goes nuts: Below 1.0695 look for further downside with 1.0655 & 1.0625 as targets.

What’s up on the forex dance floor: The RSI lacks downward momentum.

Supports and resistances:
1.0855
1.0825
1.0795
1.0748 Last
1.0695
1.0655
1.0625

US Index Outlook

S&P500

Short positions below 1978 with targets @ 1942 & 1937 in extension.

Alternative scenario: Above 1978 look for further upside with 1984 & 1986 as targets.

Dow Jones

Short positions below 17110 with targets @ 16785 & 16725 in extension.

Alternative scenario: Above 17110 look for further upside with 17160 & 17215 as targets.

Nasdaq 100

Short positions below 3942 with targets @ 3855 & 3832 in extension.

Alternative scenario: Above 3942 look for further upside with 3961 & 3981 as targets.

Russell 2000

Short positions below 1159 with targets @ 1112 & 1103 in extension.

Alternative scenario: Above 1159 look for further upside with 1176 & 1194 as targets.
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