Euro Loonie – EUR/CAD rallied into its 1.4075 resistance level as we expected in our 4th June 2015 Market Outlook and 3rd June 2015 Market Outlook. Price performed a strong rejection at the 1.4075 resistance level yesterday which may lead price lower today thus traders who went long at the 1.3802–1.3749 support area as we recommended may consider taking profits at this 1.4075 resistance level. If price pullback to the 1.3802–1.3749 support area, traders may then consider buying into this market again as the trend is still bullish.
Gold – Gold decline into its 1174.88–1170.22 support area after price performed a false breakout at the 1223.95–1215.31 resistance area as we expected in our 27th May 2015 Market Outlook and 20th May 2015 Market Outlook. Traders who went short at the 1223.95–1215.31 resistance area as we recommended may consider taking profits or scale out the position at the 1174.88–1170.22 support area. Since price is still trading in a range, traders may consider buying into this market if price rejects the 1174.88–1170.22 support area while if price breaks this support area, we are then likely going to see price continue to move lower into its next support level at 1143.06 in the coming weeks.
Pound Dollar – Yesterday GBP/USD had a small rejection at the 1.5490–1.5443 resistance area. Short term trend is bearish at the moment thus traders may consider shorting this market to ride on the short term bearish trend. However, we have high impact news later today thus traders need to be more cautious when shorting this market.
Posted on 2015-06-05 06:30:58