Kiwi Dollar – NZD/USD fell significantly lower as we expected in our 18th May 2015 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position while trailing the stop to secure the profits. Price is currently trading at the 0.7187 resistance level. Traders who missed the earlier shorting opportunity may consider shorting at this 0.7187 resistance level while traders who have short positions in their hands may as well consider scaling in the position at this resistance level to maximize the potential profits. As long as price remains below the 0.7187 resistance level, it is then likely going to decline lower in the coming days.
Loonie Yen – CAD/JPY rallied higher into its 99.90 resistance level after price broke the triangle chart pattern as we expected in our 26th May 2015 Market Outlook. Traders who went long as we recommended may consider taking profits at this 99.90 resistance level as price is currently trading just a few pips below the 100.00 big round number/key psychological level. If price is able to break the 100.00 key resistance level decisively, we are then likely going to see more gains in this market in the coming weeks.
Euro Loonie – EUR/CAD finally breakout away from its trading range. If price didn’t snaps back below the 1.3802–1.3749 support area, we will then see price rally even higher in the coming days. Traders may consider buying into this market when price pullback to the 1.3802–1.3749 support area especially on lower time frame. If the bulls continue to buys into this market, we are then likely going to see price rally into its 1.4075 resistance level in the near term.
Posted on 2015-06-03 06:30:33