Today’s Forex Guide

USD/CAD 4-hour: Rebounding with the evening star


Apr.10.2015

3:30 pm (EST) Update

EUR/USD 4-hour Forex Dance Floor
EUR/USD 4-hour: Reached the target to find the spinning top.

Maria's Positioning: No positions.

Technical reasons why: While the pair reached our target at 1.0596 after confirming the double-top pattern below the Ichimoku's cloud, there we could see the spinning top which shows market's indecisiveness. The RSI is at the over-sold zone.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0456 1.0596 1.0753
1.0324 1.0683


USD/CAD 4-hour Forex Dance Floor
USD/CAD 4-hour: Rebounding with the evening star.

Maria's positioning: Short positions below 1.2645 with targets at 1.2525 and 1.2412 in extension.

Technical reasons why: The pair is rebounding from the key level at 1.2645 with the evening star pattern below the support line. The RSI is heading down.

Alternative Scenario: Above 1.2645 look for further upside with 1.2747 and 1.2830.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2525 1.2645 1.2830
1.2412 1.2747

 

happy trading bull bear

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