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24th June 2015 Market Outlook

Loonie Dollar – USD/CAD rallied higher into the 1.2367 resistance level after price performed a strong rejection on last Thursday as we expected in our 22nd June 2015 Market Outlook. Traders may consider selling at this 1.2367 resistance level to ride on the bearish trend. The next support level is not found until 1.2129 support level which offer traders decent profit margin to trade the short side.

 

 

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Euro Pound – EUR/GBP gained some points earlier today and may pullback to the 0.7126 resistance level today as well. Traders may consider shorting this market when price hit the 0.7126 resistance level. Ideally, we would prefer to see price rejects this 0.7126 resistance level or any other confirmation before shorting for safer entry.

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Kiwi Dollar – There is a short term resistance level at 0.6879 resistance level in NZD/USD. Given that we are still in a bearish trend, traders may consider selling short at this 0.6879 resistance level for a few short term scalp trades. If price breaks the 0.6879 resistance level, price is then likely going to continue to rally higher into its 0.7021 resistance level which is also a good level to look for shorting opportunity.

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Posted on 2015-06-24 06:32:27



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