Today’s Forex Guide

USD/JPY 4-hour: Broke below the support level at the 61% Fibonacci level


Mar.24.2015

8:30 am (EST) Update

EUR/USD 4-hour Forex Dance Floor
EUR/USD 4-hour: Reached the 50% Fibonacci level.

Invest Diva positioning: Long positions above 1.0973 with targets at 1.1092 and 1.1239 in extension.

Technical reasons why: The pair reached our first bullish target at the 50% Fibonacci level above the Ichimoku's cloud. The RSI also reached the over-bought zone.

Alternative Scenario: Below 1.0973 look for further downside with 1.0854 and 1.0613.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0854 1.0973 1.1239
1.0613 1.1092


GBP/USD 4-hour Forex Dance Floor
GBP/USD 4-hour: Consolidating below the 38% Fibonacci level inside the Ichimoku's cloud.

Invest Diva positioning: No positions.

Technical reasons why: The pair is consolidating below the key resistance level at the 38% Fibonacci level inside the Ichimoku's cloud. A break above this level and the upper boundary of the Ichimoku's cloud would signal a further up-moves. The RSI is above the neutrality area.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.4853 1.4986 1.5023
1.4734 1.5094


USD/CHF 4-hour Forex Dance Floor
USD/CHF 4-hour: Broke below the 23% Fibonacci level.

Invest Diva positioning: Short positions below 0.9691 with targets at 0.9425 and 0.9210 in extension.

Technical reasons why: The pair continues to drop down as reaching and breaking below the 23% Fibonacci level at 0.9691 below the Ichimoku's cloud. The RSI is at the over-sold zone.

Alternative Scenario: Above 0.9691 look for further upside with 0.9990 and 1.0121.

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/JPY 4-hour Forex Dance Floor
USD/JPY 4-hour: Broke below the support level.

Invest Diva positioning: Short positions below 119.69 with targets at 119.14 and 118.26 in extension.

Technical reasons why: The pair broke below the support level at the 61% Fibonacci level below the Ichimoku's cloud. The RSI reached the over-sold zone.

Alternative Scenario: Above 119.69 look for further upside with 120.13 and 120.57.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
119.14 119.69 120.57
118.26 120.13

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