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Weekly Forex Dance Floor Overview


Jul.08.2014

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Mr. British Pound and Ms. USA are dancing within a bullish channel above the Ichimoku cloud. They already made us some pips at our previous target at 1.704 and the pip making shall continue towards 1.74 and 1.79. A downside breakout of 1.6450 would call for 1.62 and 1.5870 in extension.

IMG_1_-_GBPUSD

Mr. Euro and Ms. USA have broken below a rising wedge and heading south below the 23% Fibonacci level where we entered a bearish position at 1.37. We are looking to make some pips with 1.345 and 1.33 as targets. Now if the pair suddenly decides to go nuts and break above 1.378, we could see further upside with 1.4 & 1.4245 as targets.

IMG_2-_EURUSD

Mr. Aussie continues to dance sideways against Ms. USA on the forex dance floor, while Ms. USA is supposed to get her act together and lead Mr. Japan to the upside. Our outlook remains bullish as long as the pair remains above the 61% Fibo at 100, with our targets set at 103.4 and a previous top at 105.4. A break below 100 would switch to bearish with first alternative target set at 97.7.

IMG_3_-USDJPY

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Intraday Forex Technical Levels

EUR/USD Intraday: key resistance at 1.3615.

Invest Diva likes: Short positions below 1.3615 with targets @ 1.3575 & 1.355 in extension.

If pair goes nuts: Above 1.3615 look for further upside with 1.364 & 1.3675 as targets.

What’s up on the forex dance floor: As long as 1.3615 is resistance, look for choppy price action with a bearish bias. The pair is currently drawing a flat consolidation in a 1.3615-1.3575 trading range area.

Supports and resistances:
1.3675
1.364
1.3615
1.3595 Last
1.3575
1.355
1.3535

GBP/USD Intraday: the downside prevails.

Invest Diva likes: Short positions below 1.7145 with targets @ 1.708 & 1.7055 in extension.

If pair goes nuts: Above 1.7145 look for further upside with 1.718 & 1.72 as targets.

What’s up on the forex dance floor: The RSI is capped by a bearish trend line.

Supports and resistances:
1.72
1.718
1.7145
1.7125 Last
1.708
1.7055
1.703

USD/JPY Intraday: under pressure.

Invest Diva likes: Short positions below 102 with targets @ 101.65 & 101.5 in extension.

If pair goes nuts: Above 102 look for further upside with 102.25 & 102.45 as targets.

What’s up on the forex dance floor: As long as 102 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:
102.45
102.25
102
101.7275 Last
101.65
101.5
101.35

USD/CHF Intraday: bullish bias above 0.8925.

Invest Diva likes: Long positions above 0.8925 with targets @ 0.896 & 0.8975 in extension.

If pair goes nuts: Below 0.8925 look for further downside with 0.89 & 0.888 as targets.

What’s up on the forex dance floor: A support base at 0.8925 has formed and has allowed for a temporary stabilisation.

Supports and resistances:
0.8985
0.8975
0.896
0.8941 Last
0.8925
0.89
0.888

NZD/USD Intraday: the upside prevails.

Invest Diva likes: Long positions above 0.8735 with targets @ 0.8835 & 0.886 in extension.

If pair goes nuts: Below 0.8735 look for further downside with 0.871 & 0.868 as targets.

What’s up on the forex dance floor: Technically the RSI is above its neutrality area at 50.

Supports and resistances:
0.89
0.886
0.8835
0.8782 Last
0.8735
0.871
0.868

スライド1

AUD/USD Intraday: the downside prevails.

Invest Diva likes: Short positions below 0.941 with targets @ 0.9325 & 0.929 in extension.

If pair goes nuts: Above 0.941 look for further upside with 0.9445 & 0.9505 as targets.

What’s up on the forex dance floor: The upward potential is likely to be limited by the resistance at 0.941.

Supports and resistances:
0.9505
0.9445
0.941
0.9402 Last
0.9325
0.929
0.9255

USD/CAD Intraday: target 1.075.

Invest Diva likes: Long positions above 1.0655 with targets @ 1.0725 & 1.075 in extension.

If pair goes nuts: Below 1.0655 look for further downside with 1.0615 & 1.058 as targets.

What’s up on the forex dance floor: The RSI is mixed with a bullish bias.

Supports and resistances:
1.0775
1.075
1.0725
1.0674 Last
1.0655
1.0615
1.058

スライド3

US Index Levels

S&P500

Long positions above 1964 with targets @ 1978 & 1986 in extension.

Alternative scenario: Below 1964 look for further downside with 1956 & 1950 as targets.

 

Dow Jones

Long positions above 16870 with targets @ 17000 & 17050 in extension.

Alternative scenario: Below 16870 look for further downside with 16790 & 16715 as targets.

Nasdaq 100

Long positions above 3882 with targets @ 3918 & 3946 in extension.

Alternative scenario: Below 3882 look for further downside with 3850 & 3829 as targets.

Russell 2000

Long positions above 1177 with targets @ 1194 & 1205 in extension.

Alternative scenario: Below 1177 look for further downside with 1166 & 1156 as targets.

 

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