Kiwi Dollar – NZD/USD fell significantly lower as we expected in our 18th May 2015 Market Outlook and continue to make new low after price rejected the 0.7187 resistance level as we expected in our 3rd June 2015 Market Outlook. Traders who went short at the 0.7540 and 0.7187 resistance level as we recommended may consider continue holding onto the short position while trailing the stop to protect the profits. If price pullback to the 0.7081 resistance level, traders who missed the two nice shorting opportunities may consider sell short at this 0.7081 resistance level to rejoin the bearish trend. There isn’t any key support level below current price until 0.6945 which offer traders massive profit margin to trade the short side.
Loonie Yen – CAD/JPY rallied significantly higher after price broke the 100.00 key resistance level/psychological level as we expected in our 3rd June 2015 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position as price is likely going to resume higher. If price pullback to the 100.05 support level, traders who aren’t long yet may consider buying into this market to ride on this bullish trend.
Euro Aussie – EUR/AUD continue to rallied higher after price broke its 1.4428–1.4351 resistance area. Given that the short term trend is still bullish, traders may consider buying into this market if price pullback to the 1.4428–1.4351 support area (Previous resistance area) to ride on the bullish trend. The next resistance area is at 1.4890–1.4803 thus traders who are long may consider taking profits or scale out the long position at this resistance level to lock in the profits.
Posted on 2015-06-08 06:30:43