2015 started with a whim on the forex dance floor. Check out technical levels for today.
Intraday Forex Technical Levels
EUR/USD 4-hour: 1.1875 is the key support level.
Invest Diva positioning: Short positions below 1.1875 with targets at 1.1782 and 1.1663 in extension.
Technical reasons why: The pair continues to drop after reaching our previous bearish targets and is testing the key support level at 1.1875 below the Ichimoku’s cloud. A break below the support level could signal even further downtrend. The RSI is moving below the oversold zone.
Alternative Scenario: Above 1.1875 look for further upside toward 1.9700 and 1.2056.
Where I’m setting my stops and limits:
Support Levels Turning Point Resistance Levels
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.1782 | 1.1875 | 1.2056 |
| 1.1663 | 1.1970 |
GBP/USD 4-hour: Downtrend prevails.
Invest Diva positioning: Short positions below 1.5273 with targets at 1.5173 and 1.4954 in extension.
Technical reasons why: The pair broke below our bearish target and the key support level at 1.5273 below the Ichimoku’s cloud. The RSI is moving below the oversold zone.
Alternative Scenario: Above 1.5273 look for further upside toward 1.5375 and 1.5474.
Where I’m setting my stops and limits:
Support Levels Turning Point Resistance Levels
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.5173 | 1.5273 | 1.5474 |
| 1.4954 | 1.5375 |
USD/CHF 4-hour: Uptrend prevails.
Invest Diva positioning: Long positions above 1.0052 with targets at 1.0103 and 1.0162 in extension.
Technical reasons why: The pair surpassed our bullish targets and keeps moving up above the Ichimoku’s cloud. The RSI is moving above the overbought zone.
Alternative Scenario: Below 1.0052 look for further downside towards 0.9963 and 0.9896.
Where I’m setting my stops and limits:
Support Levels Turning Point Resistance Levels
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.9963 | 1.0052 | 1.0162 |
| 0.9896 | 1.0103 |
USD/CAD 4-hour: Testing the key resistance level.
Invest Diva positioning: Long positions above 1.1795 with targets at 1.1880 at 1.1996 in extension.
Technical reasons why: The pair is testing our bullish target and the key resistance level at 1.1795 above the Ichimoku’s cloud. A break above this level would give a further uptrend. The RSI is above the overbought zone.
Alternative Scenario: Below 1.1795 look for further downside towards 1.1665 and 1.1600.
Where I’m setting my stops and limits:
Support Levels Turning Point Resistance Levels
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.1665 | 1.1795 | 1.1996 |
| 1.1600 | 1.1880 |
NZD/USD 4-hour: Rebounding.
Invest Diva positioning: Long positions above 0.7694 with targets at 0.7747 and 0.7834 in extension.
Technical reasons why: The pair is rebounding from the key support level at 0.7607 below the Ichimoku’s cloud. The RSI is heading to the neutrality area.
Alternative Scenario: Below 0.7694 look for further downside towards 0.7607 and 0.7487.
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.7607 | 0.7694 | 0.7834 |
| 0.7487 | 0.7747 |
USD/JPY 4-hour: Consolidating.
Invest Diva positioning: No positions.
Technical reasons why: The pair is consolidating below 120 level within the Ichimoku’s cloud. The RSI is below the neutrality area.
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 117.98 | 119.72 | 123.88 |
| 115.59 | 121.83 |
