Today’s Forex Guide

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


Feb.24.2015

02/24/2015 8:45 EST Update


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

Invest Diva positioning: Long positions above 1.5441 with targets at 1.5509 and 1.5584 in extension.

Technical reasons why: The pair is on an overall uptrend and reached our first bullish target at 1.5441 above the Ichimoku's cloud. The RSI is slightly above the neutrality area.

Alternative Scenario: Below 1.5441 look for further downside with 1.5352 and 1.5280.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.5352 1.5441 1.5584
1.5280 1.5509


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

Invest Diva positioning: Long positions above 0.7741 with targets at 0.7790 and 0.7842 in extension.

Technical reasons why: The pair reached our bearish target at 0.7741 while it keeps moving between the key levels, which would signal some up-moves in turn. The RSI moves up to the neutrality area.

Alternative Scenario: Below 0.7741 look for further downside with 0.7648 and 0.7457.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.7648 0.7741 0.7842
0.7457 0.7790


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

Invest Diva positioning: Long positions above 119.23 with targets at 119.77 and 120.63 in extension.

Technical reasons why: The pair broke above the key resistance level at 119.23 and is moving above the Ichimoku's cloud. The RSI is above the neutrality area.

Alternative Scenario: Below 119.23 look for further downside with 118.45 and 117.29.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
118.45 119.23 120.63
117.29 119.77


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

Invest Diva positioning: Long positions above 1.2630 with targets at 1.2779 and 1.2989 in extension.

Technical reasons why: The pair reached our first bullish target at 1.2779 above the Ichimoku's cloud. The RSI is above the neutrality area.

Alternative Scenario: Below 1.2630 look for further downside with 1.2360 and 1.2090.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2360/td> 1.2630 1.2989
1.2090 1.2779

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