Today’s Forex Guide

USD/CAD 4-hour: Back to the key resistance level


Mar.27.2015

8:30 am (EST) Update

AUD/USD 4-hour Forex Dance Floor
AUD/USD 4-hour: Teasing the upper boundary of the Ichimoku's cloud.

Invest Diva positioning: No positions.

Technical reasons why: The pair is teasing the 38% Fibonacci level just above the Ichimoku's cloud. A break below the Ichimoku's cloud would signal further down-moves. The RSI is around the neutrality area.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7748 0.7792 0.7937
0.7648 0.7848


USD/CHF 4-hour Forex Dance Floor
USD/CHF 4-hour: Back to the pivot level.

Invest Diva positioning: No positions.

Technical reasons why: While the pair keeps below the Ichimoku's cloud, it is currently back to the pivot level at the 23% Fibonacci level. The RSI is at the neutrality area.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.9425 0.9691 1.0121
0.9210 0.9990


USD/CAD 4-hour Forex Dance Floor
USD/CAD 4-hour: Back to the key resistance level.

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

Technical reasons why: The pair is currently back to the key resistance level at 1.2524 below the Ichimoku's cloud. If the pair could break above this level, it would signal further up-moves. The RSI continues to move 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


USD/JPY 4-hour Forex Dance Floor
USD/JPY 4-hour: Rebounded from the key resistance level.

Invest Diva positioning: No positions.

Technical reasons why: The pair is rebounded from the resistance level at 118.32 while the pair remains below the Ichimoku's cloud and the RSI is below the neutrality area.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
118.32 119.18 120.58
117.25 119.72

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