Silver – Silver rallied higher after price bounced off away from its 14.70–14.38 key support area after we see the divergence and the rejection took place at the 14.70–14.38 key support area as we expected in our 10th August 2015 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position while trailing the stop behind to lock in the profits. The next resistance level is at the 15.62 price level which may serve as a profit target for traders to take profits.
Loonie Yen – CAD/JPY shot up significantly higher after price rejected the 94.54 short term support level as we expected in our 10th August 2015 Market Outlook. Traders who went long as we recommended may consider scaling out the position while trailing the stop behind as the overall trend is still bearish thus being a little more conservative is good especially when we are long in a bearish market. The next resistance level is at 96.01 which traders may consider bank in the profits or scale out the position to lock in the profits.
Pound Dollar – GBP/USD breakout above its 1.5536 resistance level yesterday which has now became a support level over the short term horizon. The market is still moving in a trading range thus traders may consider buying into this market if price pullback to the 1.5536 support level (Previous resistance level). Price is likely going to continue higher into its next resistance level at 1.5680 which offer traders decent profit margin to trade the long side.
Posted on 2015-08-11 06:30:39