Loonie Yen – CAD/JPY fell lower into its 94.50 support level after price rejected the 96.01 resistance level as we expected in our 30th July 2015 Market Outlook. Traders who went short at the 96.01 resistance level as we recommended may consider taking profits or scale out the position at the 94.50 support level while leaving the rest to run further. If price breaks the 94.50 support level, we are then likely going to see price continue to move lower in the coming days while if price rejects this 94.50 support level, we may potentially see a short term bounce at the 94.50 support level before resuming the bearish trend.
Loonie Dollar – USD/CAD just breakout above the 1.3100 resistance level and turned the resistance level into a new fresh support level. Given that we are in a strong bullish trend. Traders may consider looking for buying opportunities when price pullback to the 1.3100 support level (Previous resistance level) to jump on this strong bullish trend. Price isn’t likely going to reverse the bullish trend anytime soon thus buying into this market would be a safer bet.
Aussie Dollar – AUD/USD did surged higher after price rejected the support level as we expected in our 31st July 2015 Market Outlook. Price rejected the 0.7350 resistance level on last Friday New York trading session which could potentially lead price lower. Traders may consider shorting this market as the overall trend is still bearish and the 0.7240 support level may serve as the first target for short sellers to scale out the position or take profits. If price breaks the 0.7240 support level, we are then likely going to see further downside movements in the coming days.
Posted on 2015-08-03 06:30:39