Today’s Forex Guide

NZD/USD 4-hour: Expecting confirmation of the double top pattern


Mar.18.2015

8:30 am (EST) Update

EUR/USD 4-hour Forex Dance Floor
EUR/USD 4-hour: Testing the key resistance level.

Invest Diva positioning: No positions.

Technical reasons why: The pair is testing the key resistance level at pivot level at 1.0613 below the Ichimoku's cloud with the RSI at the neutrality area.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0469 1.0613 1.0854
1.0384 1.0707


AUD/USD 4-hour Forex Dance Floor
AUD/USD 4-hour: Below the Ichimoku's cloud.

Invest Diva positioning: Short positions below 0.7648 with targets at 0.7559 and 0.7457 in extension.

Technical reasons why: The pair moves down below our pivot level and Ichimoku's cloud. The RSI is below the neutrality area.

Alternative Scenario: Above 0.7648 look for further upide with 0.7222 and 0.7823.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7559 0.7648 0.7823
0.7457 0.7722


NZD/USD 4-hour Forex Dance Floor
NZD/USD 4-hour: Expecting confirmation of the double top pattern.

Invest Diva positioning: Short positions below 0.7314 with targets at 0.7175 and 0.6970 in extension.

Technical reasons why: The pair is testing the key support level at 0.7314 as teasing the lower boundary of the Ichimoku's cloud. A break below this level would confirm the double top pattern. The RSI is below the neutrality area.

Alternative Scenario: Above 0.7314 look for further upide with 0.7382 and 0.7532.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7175 0.7314 0.7447
0.6970 0.7382


USD/CAD 4-hour Forex Dance Floor
USD/CAD 4-hour: Still consolidating at the key resistance level.

Invest Diva positioning: Long positions above 1.2779 with targets at 1.2971 and 1.3161 in extension.

Technical reasons why: The pair continues to consolidate at the key resistance level at 1.2779 above the Ichimoku's cloud. The RSI remains above the neutrality area.

Alternative Scenario: Below 1.2779 look for further downside with 1.2659 and 1.2524.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2659 1.2779 1.3161
1.2659 1.2971

 

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