Further up for Mr. British Pound?

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Further up for Mr. British Pound?

From the New York Stock Exchange, my name is Kiana Danial they call me Invest Diva, the go-to investing advisor who helps you make money the right way. I hope you enjoyed the long holiday weekend and if you are clueless about forex trading, please first visit the Learn to Earn page on Investdiva.com, and then come back here to hear about today’s diamond analysis on a currency pair, dancing on the forex dance floor.

The pick of the day is GBPUSD as the pair remains within a midterm bullish channel dancing above the Ichimoku cloud with the RSI scratching the overbought zone. We already reached our first bullish target of 1.68223 and the pair seems determined to move further up to 1.704 and 1.74 which are highs from back in 2009. Alternatively, a downside breakout of 1.6450 would call for 1.62 and 1.5870 in extension.

On the fundamental side, Today’s data is light to non-existent, the main movers are US housing data, Eurozone consumer confidence and construction output. However this afternoon we see ex Fed Chairman Ben Bernanke speaking at the economic club. That would be delightful.

Intraday Daily Forex Technical Levels

EUR/USD Intraday: rebound.


	Our preference: Long positions above 1.3775 with targets @ 1.3835 & 1.3865 in extension.Alternative scenario: Below 1.3775 look for further downside with 1.375 & 1.373 as targets.Comment: The pair is rebounding and is breaking above its resistance.Supports and resistances: 1.388 1.3865 1.3835 1.3815 Last 1.3775 1.375 1.373

GBP/USD Intraday: rebound.


	Pivot: 1.6785Our preference: Long positions above 1.6785 with targets @ 1.6845 & 1.6865 in extension.Alternative scenario: Below 1.6785 look for further downside with 1.677 & 1.675 as targets.Comment: The pair is rebounding and is breaking above its resistance.Supports and resistances: 1.688 1.6865 1.6845 1.6824 Last 1.6785 1.677 1.675

USD/JPY Intraday: the upside prevails.


	Pivot: 102.3Our preference: Long positions above 102.3 with targets @ 102.7 & 102.95 in extension.Alternative scenario: Below 102.3 look for further downside with 102.05 & 101.85 as targets.Comment: The pair is rebounding above its support.Supports and resistances: 103.2 102.95 102.7 102.57 Last 102.3 102.05 101.85

USD/CHF Intraday: the upside prevails.


	Pivot: 0.883Our preference: Long positions above 0.883 with targets @ 0.886 & 0.8875 in extension.Alternative scenario: Below 0.883 look for further downside with 0.8815 & 0.88 as targets.Comment: The pair is rebounding above its support as the RSI is turning up.Supports and resistances: 0.89 0.8875 0.886 0.8843 Last 0.883 0.8815 0.88

EUR/GBP Intraday: under pressure.


	Pivot: 0.823Our preference: Short positions below 0.823 with targets @ 0.8185 & 0.8155 in extension.Alternative scenario: Above 0.823 look for further upside with 0.825 & 0.827 as targets.Comment: As long as 0.823 is resistance, look for choppy price action with a bearish bias.Supports and resistances: 0.827 0.825 0.823 0.8208 Last 0.8185 0.8155 0.814

NZD/USD Intraday: key resistance at 0.861.


	Pivot: 0.861Our preference: Short positions below 0.861 with targets @ 0.855 & 0.8515 in extension.Alternative scenario: Above 0.861 look for further upside with 0.865 & 0.869 as targets.Comment: As long as 0.861 is resistance, look for choppy price action with a bearish bias.Supports and resistances: 0.869 0.865 0.861 0.8598 Last 0.855 0.8515 0.8435

AUD/USD Intraday: key resistance at 0.939.


	Pivot: 0.939Our preference: Short positions below 0.939 with targets @ 0.931 & 0.929 in extension.Alternative scenario: Above 0.939 look for further upside with 0.9425 & 0.946 as targets.Comment: As long as 0.939 is resistance, look for choppy price action with a bearish bias. The pair remains in a bearish channelSupports and resistances: 0.946 0.9425 0.939 0.9358 Last 0.931 0.929 0.925

USD/CAD Intraday: bullish bias above 1.1.


	Pivot: 1.1Our preference: Long positions above 1.1 with targets @ 1.1045 & 1.107 in extension.Alternative scenario: Below 1.1 look for further downside with 1.096 & 1.094 as targets.Comment: Technically the RSI is above its neutrality area at 50. The pair stands above its support.Supports and resistances: 1.1105 1.107 1.1045 1.102 Last 1.1 1.096 1.094

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April 22, 2014