Pound Aussie – GBP/AUD rallied significantly higher after price breaks the 1.9656 resistance level as we expected in our 11th May 2015 Market Outlook. Price did pullback to the 1.9656 support level (Previous resistance level) which offer traders second chance to jump on the bullish momentum. Price even break through the 2.0000 key resistance level/psychological level which lead to further upside movement. If price pullback to the 2.0056 key support level, traders may then consider buying into this market to jump on this bullish trend. The next key resistance level is not found until 2.0950 which offer traders massive profit margin to trade the long side.
Pound Swiss Franc – GBP/CHF showed some weakness on Friday close. There’s a resistance level above current price at around 1.4700. Aggressive traders may consider shorting near this resistance level while conservative traders may consider waiting for price to fall to its 1.4441 support level and go long at the support level or wait for price to breaks above the 1.4700 resistance level before going long for safer entry.
Loonie Dollar – USD/CAD performed a strong rejection on last Thursday. Price could potentially climb higher in the coming days. If price rally into its 1.2367 resistance level, traders may then consider selling short to trade with the bearish momentum. Price is likely going to continue lower as there’s no obvious support level below to push price higher in the near term.
Posted on 2015-06-22 06:30:58