Gold – Gold rallied into its 1163.00 resistance level and fell lower after price rejected the resistance level. Given that the overall trend is still bearish, we are likely going to see price continue to move lower thus traders may consider selling short in this market. The 1124.60 minor support level could serve as the first target for traders to lock in some profits but price is likely going to fall through it and could potentially retest its 1071.16 support level in the near future.
Euro Pound – EUR/GBP seems to be rejected at the 0.7386 resistance level but the short term momentum is still very bullish at the moment therefore traders may consider buying into this market if price pullback into the 0.7223 support level. Ideally, we would prefer to see some rejections at this support level or any other confirmation before going long for a safer entry. If price breaks above the 0.7386 resistance level, traders may also look for buying opportunities as if price breaks the 0.7386 resistance level, it’s then likely going to rally higher into its 0.7482 resistance level.
Pound Yen – GBP/JPY rejected the 185.00–184.22 support area earlier today but due to the strength we see in Japanese Yen, traders need to be more cautious when looking for buying opportunity at the 185.00–184.22 support area but if price could break the 191.95–190.98 resistance area, it’s then likely going to rally towards its next resistance area at 195.82–195.18. On the other hand, if price breaks the 185.00–184.22 support area, we are then likely going to see price continue to move lower into its next support area at 175.76–174.84.
Posted on 2015-08-26 06:30:41