Today’s Forex Guide

NZD/USD 4-hour: Broke below the 38% Fibonacci level


Mar.06.2015

3:30 pm (EST) Update

NZD/USD 4-hour Forex Dance Floor
NZD/USD 4-hour: Broke below the 38% Fibonacci level.

Invest Diva positioning: Short positions below 0.7447 with targets at 0.7343 and 0.7175 in extension.

Technical reasons why: The pair broke below the 38% Fibonacci level and is still moving down towards our bearish target at 23% Fibonacci level below the Ichimoku's cloud. The RSI is at over-sold zone.

Alternative Scenario: Above 0.7447 look for further upside with 0.7532 and 0.7600.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7346 0.7447 0.7600
0.7175 0.7532


USD/JPY 4-hour Forex Dance Floor
USD/JPY 4-hour: Reached the target.

Invest Diva positioning: Long positions above 120.88 with targets at 121.27 and 121.60 in extension.

Technical reasons why: The pair surpassed the previous high and reached our bullish target at 120.88 above the Ichimoku's cloud. The RSI is above the neutrality area.

Alternative Scenario: Below 120.88 look for further downside with 120.44 and 119.78.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
120.44 120.88 121.60
119.78 121.27

 

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