Today’s Forex Guide

NZD/USD 4-hour: Broke above the key resistance level


Mar.23.2015

3:30 pm (EST) Update

NZD/USD 4-hour Forex Dance Floor
NZD/USD 4-hour: Broke above the key resistance level.

Invest Diva positioning: Long positions above 0.7617 with targets at 0.7721 and 0.7889 in extension.

Technical reasons why: The pair broke above the key resistance level at the 61% Fibonacci level at 0.7617 above the Ichimoku's cloud. The RSI is near the over-bought zone.

Alternative Scenario: Below 0.7617 look for further downside with 0.7533 and 0.7450.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7533 0.7617 0.7889
0.7450 0.7721


USD/CAD 4-hour Forex Dance Floor
USD/CAD 4-hour: Broke below the Ichimoku's cloud.

Invest Diva positioning: Short positions below 1.2524 with targets at 1.2390 and 1.2237 in extension.

Technical reasons why: The pair broke below the Ichimoku's cloud and is teasing our pivot level at 1.2524. A break below this level would signal a further down-moves. The RSI is below the neutrality area.

Alternative Scenario: Above 1.2524 look for further upside with 1.2659 and 1.2747.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2390 1.2524 1.2747
1.2337 1.2659

 

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