Euro Aussie – EUR/AUD pullback to its 1.4445–1.4351 support area and performed a rejection at this support area. Given that we are in a bullish trend, traders may consider buying into this market as price is likely going to rally higher in the coming days. The next resistance area is not found until 1.4890–1.4803 which offers decent profit margin to trade the long side. The recent swing high at around 1.4760 may serve as the first target for buyers to lock in partial profits while leaving the rest to run further.
Pound Loonie – GBP/CAD once again retest its 1.9224 resistance level after price bounce off away from its 1.8906 support level. Price tested and attempted to break through the 1.9224 resistance level but failed to break it. Since price had tested this resistance level for multiple times, price may successfully break through this resistance level this time as the resistance level gets weaker after multiple retest. If price indeed break through the 1.9224 resistance level, we are then likely going to see price continue to rally higher into its next resistance level at 1.9950. Traders may consider buying into this market to ride on the bullish breakout or buy on pullback after the breakout.
Swiss Franc – USD/CHF continue to show its weakness as price continue to grind lower after price rejected the 0.9538 resistance level. There isn’t any support level below until 0.9080 thus traders may consider looking for shorting opportunity in this market especially on lower time frame for a short term trade until price hit the 0.9080 support level.
Posted on 2015-06-16 06:30:04