And the pick of the day is loonie, forex geek name for Mr. Canadian dollar as Ms. USA leads him on the forex dance floor. The pair has been completing a pullback from an uptrend in place since September 2013, and now trapped in a falling wedge right around the 38% Fibonacci level. At the same time the pair is moving below the Ichimoku cloud with the RSI below the neutrality area. So we are basically waiting for a fierce signal as to which direction the pair would want to move next. As we have covered in our education program, the falling wedge can mostly be used as a continuation pattern during an uptrend so our targets for this scenario above 1.07 would be 1.105 and 1.128. Alternative scenario below 1.07 would call for a downward dance move towards 1.044 and 1.0175.
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Back to English, Long term traders. Don’t sweat the small losses and look at the big picture. Short term traders, invest responsibly. And if you have a burning trading question, get your bones over to Invest Diva’s Facebook page, Twitter or community page, and ask it for a chance of it being answered on our Q&A Friday show.
Intraday Forex Technical Levels
EUR/USD : under pressure.
Invest Diva likes: Short positions below 1.37 with targets @ 1.364 & 1.362 in extension.
If pair goes nuts: Above 1.37 look for further upside with 1.373 & 1.375 as targets.
What’s up on the dance floor: The pair stands below its resistance and remains under pressure.
Supports and resistances:
1.375
1.373
1.37
1.3659 Last
1.364
1.362
1.358
GBP/USD : under pressure.
Invest Diva likes: Short positions below 1.679 with targets @ 1.672 & 1.6685 in extension.
If pair goes nuts: Above 1.679 look for further upside with 1.682 & 1.6855 as targets.
What’s up on the dance floor: The pair stands below its resistance and remains under pressure.
Supports and resistances:
1.6855
1.682
1.679
1.6751 Last
1.672
1.6685
1.6655
USD/JPY : rebound.
Invest Diva likes: Long positions above 101.75 with targets @ 102.15 & 102.35 in extension.
If pair goes nuts: Below 101.75 look for further downside with 101.6 & 101.4 as targets.
What’s up on the dance floor: The pair is rebounding above its support.
Supports and resistances:
102.55
102.35
102.15
101.93 Last
101.75
101.6
101.4
USD/CHF : the bias remains bullish.
Invest Diva likes: Long positions above 0.89 with targets @ 0.8955 & 0.8975 in extension.
If pair goes nuts: Below 0.89 look for further downside with 0.8875 & 0.885 as targets.
What’s up on the dance floor: The pair stands above its support and remains on the upside.
Supports and resistances:
0.9
0.8975
0.8955
0.8946 Last
0.89
0.8875
0.885
NZD/USD : intraday support around 0.865. |
Invest Diva likes: Long positions above 0.865 with targets @ 0.8695 & 0.8745 in extension.
If pair goes nuts: Below 0.865 look for further downside with 0.86 & 0.8545 as targets.
What’s up on the dance floor: A support base at 0.865 has formed and has allowed for a temporary stabilisation.
Supports and resistances:
0.878
0.8745
0.8695
0.8672 Last
0.865
0.86
0.8545
AUD/USD : intraday support around 0.935.
Invest Diva likes: Long positions above 0.935 with targets @ 0.941 & 0.946 in extension.
If pair goes nuts: Below 0.935 look for further downside with 0.9315 & 0.928 as targets.
What’s up on the dance floor: A support base at 0.935 has formed and has allowed for a temporary stabilisation.
Supports and resistances:
0.95
0.946
0.941
0.9365 Last
0.935
0.9315
0.928
USD/CAD : turning down.
Invest Diva likes: Short positions below 1.089 with targets @ 1.0835 & 1.081 in extension.
If pair goes nuts: Above 1.089 look for further upside with 1.0925 & 1.096 as targets.
What’s up on the dance floor: The RSI is mixed to bearish. The pair has broken below the lower boundary of a bullish channel.
Supports and resistances:
1.096
1.0925
1.089
1.087 Last
1.0835
1.081
1.074
US Daily Index Levels
S&P500: Short @ 1882 with targets @ 1875 & 1862 in extension.
If pair goes nuts: Above 1899 look for further upside with 1906 & 1915 as targets.
What’s up on the dance floor: The RSI is bearish and calls for further downside.
Dow Jones: Short positions below 16700 with targets @ 16440 & 16370 in extension.
If pair goes nuts: Above 16700 look for further upside with 16775 & 16875 as targets.
What’s up on the dance floor: The RSI is bearish and calls for further downside.
Nasdaq 100:Short @ 3591 with targets @ 3547 & 3507 in extension.If pair goes nuts: Above 3625 look for further upside with 3657 & 3705 as targets. What’s up on the dance floor: The RSI is bearish and calls for further downside. |
