Today’s Forex Guide

London Session Recap | Technical Analysis


Aug.20.2014

Today has been an exciting day for markets especially during the London session with the release of the BoE minutes along with the all-important voting results.

London Session Recap

  • German PPI (Producer Price Index) had worse than expected results
  • Bank of England Monetary Policy Meeting Minutes were released and 2 members voted for a rate hike while 7 voted to hold
  • UK CBI (Confederation of British Industry) Industrial Trends came in better than expected
  •  Canadian monthly whole sales reading cam in better than expected

The market is then given plenty of time to digest this news patiently awaiting the next point of interest from the FED at 7 PM GMT with the release of FOMC minutes from the July meeting.

On the above news, the GBP/USD pair moved up after breaking below our limit at 1.6650 which made us some fancy pips yesterday.

USD/JPY rallied massively reaching our first target at 103.36.

Invest Diva Technical analysis clipart

Intraday Forex Levels

EUR/USD 4-hour: Downside prevails.

Invest Diva likes: Short positions below 1.329 with targets at 1.316 and 1.284 in extension.

If pair goes nuts: Above 1.329 look for further upside with 1.335 and 1.341 as targets.

What’s up on the forex dance floor: The pair broke the support level at 1.333 and continues to dance on downtrend. Though RSI has reached below the oversold area.

Supports and resistances:

1.341

1.335

1.333 pivot point

1.316

1.284

EURUSD-4hour-chart

USD/CHF 4-hour: Upside prevails

Invest Diva likes: Long positions above the resistance level at 0.9111 with targets at 0.9130 and 0.9155 in extension

If pair goes nuts: Below 0.9050 and Ichimoku cloud, look for more down moves towards 0.9013 and 0.8982.

What’s up on the forex dance floor: After breaking above the Ichimoku cloud, the pair has been consistently moving up and currently teasing resistance with the RSI approaching the overbought zone.

Supports and resistances:

0.9155

0.9130

0.9111 Last Seen

0.9050 Pivot Point

0.9013

0.8983

USDCHF 4 hour technical analysis

AUD/USD 4-hour: Under Pressure

Invest Diva likes: Short positions below 0.9330 with targets at 0.9282 and 0.9210 in extension.

If pair goes nuts: Above 0.9330 look for further upside with 0.9455 & 0.9503 as targets.

What’s up on the forex dance floor: The pair reached our first target of 0.9282 and moved back inside the Ichimoku cloud. The RSI is well-directed below the neutrality area.

Supports and resistances:

0.9503

0.9455

0.9330 pivot point

0.9282

0.9210

AUDUSD 4 hour chart

USD/CAD 4-hour dance floor: more up-moves

Invest Diva likes: Long positions above 1.0902 with targets @ 1.0986 & 1.1040 in extension.

If pair goes nuts: Below 1.0902 look for further down moves with 1.0821 & 1.07212 as targets.

What’s up on the forex dance floor: The pair broke above the Ichimoku cloud, remains on an overall uptrend with the RSI above the neutrality area.

Supports and resistances:

1.1040

1.0986

1.0902 Pivot Point

1.0821

1.0721

USDCAD 4 hour chart technical analysis

USD/JPY 4-hour: Moving up

Reached our target of 103.36

Invest Diva likes: Long positions above 103.28 with targets @ the previous top 103.97.

If pair goes nuts: Below 103.28 look for further upside with 102.86 & 102.52 in extension.

What’s up on the forex dance floor: RSI has been over the neutrality area. The pair is teasing 76% Fibonacci level at 103.28 and is dancing above the Bollinger Band's upper boundary.

Supports and resistances:

103.97

103.28 pivot point

102.86

102.52

102.26

USDJPY-4hour-chart

GBP/USD 4-hour: Continues down.

 

Invest Diva likes: Short positions below 1.667 with targets at 1.656 and 1.650 in extension.

If pair goes nuts: Above 1.667 look for further upside with 1.671 & 1.682.

What’s up on the forex dance floor: The pair is dancing on a downtrend below the Ichimoku cloud.

Supports and resistances:

1.682

1.671

1.667 pivot point

1.656

1.650

GBPUSD-4hour-chart

Long term traders. Don’t sweat the small losses and look at the big picture. Short term traders, invest responsibly.  To get the most recent intraday updates, don’t forget to follow Invest Diva on Twitter and Facebook.

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