Forex Diva's report

Loonie Trapped in a Wedge


Jul.02.2014

日本語の原稿はこちら

Kiana Danial Invest Diva NYSE forex FX player

And the pick of the day is loonie, forex geek name for Mr. Canadian dollar as Ms. USA leads him on the forex dance floor. The pair has been completing a pullback from an uptrend in place since September 2013, and now trapped in a falling wedge right around the 38% Fibonacci level. At the same time the pair is moving below the Ichimoku cloud with the RSI below the neutrality area. So we are basically waiting for a fierce signal as to which direction the pair would want to move next. As we have covered in our education program, the falling wedge can mostly be used as a continuation pattern during an uptrend so our targets for this scenario above 1.07 would be 1.105 and 1.128. Alternative scenario below 1.07 would call for a downward dance move towards 1.044 and 1.0175.

USDCAD technical analysis daily chart fibonacci ichimoku RSI falling wedge candlestick

 

A quick word with our Japanese followers, このビデオの日本語原稿を用意しておりますので、よければご参照ください。日本語バージョンのビデオレポートは今月中に始まります!

 

Back to English, Long term traders. Don’t sweat the small losses and look at the big picture. Short term traders, invest responsibly. And if you have a burning trading question, get your bones over to Invest Diva’s Facebook page, Twitter or community page, and ask it for a chance of it being answered on our Q&A Friday show.

 

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Intraday Forex Technical Levels

EUR/USD : under pressure.

Invest Diva likes: Short positions below 1.37 with targets @ 1.364 & 1.362 in extension.

If pair goes nuts: Above 1.37 look for further upside with 1.373 & 1.375 as targets.

What’s up on the dance floor: The pair stands below its resistance and remains under pressure.

スライド1

Supports and resistances:
1.375
1.373
1.37
1.3659 Last
1.364
1.362
1.358

GBP/USD : under pressure.

Invest Diva likes: Short positions below 1.679 with targets @ 1.672 & 1.6685 in extension.

If pair goes nuts: Above 1.679 look for further upside with 1.682 & 1.6855 as targets.

What’s up on the dance floor: The pair stands below its resistance and remains under pressure.

Supports and resistances:
1.6855
1.682
1.679
1.6751 Last
1.672
1.6685
1.6655

USD/JPY : rebound.

Invest Diva likes: Long positions above 101.75 with targets @ 102.15 & 102.35 in extension.

If pair goes nuts: Below 101.75 look for further downside with 101.6 & 101.4 as targets.

What’s up on the dance floor: The pair is rebounding above its support.

Supports and resistances:
102.55
102.35
102.15
101.93 Last
101.75
101.6
101.4

USD/CHF : the bias remains bullish.

Invest Diva likes: Long positions above 0.89 with targets @ 0.8955 & 0.8975 in extension.

If pair goes nuts: Below 0.89 look for further downside with 0.8875 & 0.885 as targets.

What’s up on the dance floor: The pair stands above its support and remains on the upside.

Supports and resistances:
0.9
0.8975
0.8955
0.8946 Last
0.89
0.8875
0.885

NZD/USD : intraday support around 0.865.

 

Invest Diva likes: Long positions above 0.865 with targets @ 0.8695 & 0.8745 in extension.

If pair goes nuts: Below 0.865 look for further downside with 0.86 & 0.8545 as targets.

What’s up on the dance floor: A support base at 0.865 has formed and has allowed for a temporary stabilisation.

スライド3

Supports and resistances:
0.878
0.8745
0.8695
0.8672 Last
0.865
0.86
0.8545

AUD/USD : intraday support around 0.935.

Invest Diva likes: Long positions above 0.935 with targets @ 0.941 & 0.946 in extension.

If pair goes nuts: Below 0.935 look for further downside with 0.9315 & 0.928 as targets.

What’s up on the dance floor: A support base at 0.935 has formed and has allowed for a temporary stabilisation.

Supports and resistances:
0.95
0.946
0.941
0.9365 Last
0.935
0.9315
0.928

USD/CAD : turning down.

Invest Diva likes: Short positions below 1.089 with targets @ 1.0835 & 1.081 in extension.

If pair goes nuts: Above 1.089 look for further upside with 1.0925 & 1.096 as targets.

What’s up on the dance floor: The RSI is mixed to bearish. The pair has broken below the lower boundary of a bullish channel.

Supports and resistances:
1.096
1.0925
1.089
1.087 Last
1.0835
1.081
1.074

US Daily Index Levels

S&P500: Short @ 1882 with targets @ 1875 & 1862 in extension.

If pair goes nuts: Above 1899 look for further upside with 1906 & 1915 as targets.

What’s up on the dance floor: The RSI is bearish and calls for further downside.

 

Dow Jones: Short positions below 16700 with targets @ 16440 & 16370 in extension.

If pair goes nuts: Above 16700 look for further upside with 16775 & 16875 as targets.

What’s up on the dance floor: The RSI is bearish and calls for further downside.

 

Nasdaq 100:Short @ 3591 with targets @ 3547 & 3507 in extension.

If pair goes nuts: Above 3625 look for further upside with 3657 & 3705 as targets.

What’s up on the dance floor: The RSI is bearish and calls for further downside.

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