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28th August 2015 Market Outlook

Gold – Gold had fell into its minor support level at the 1124.60 price level as we expected and there’s some small rejections taking place at this minor support level. Traders who shorted this market may consider scale out the position at the 1124.60 minor support level while leaving the rest to run further. As long as price remains below the 1163.00 resistance level, we remain bearish bias and if price close below the 1124.60 support level, it is then likely going to continue to move lower in the coming days.

 

 

XAUUSDrDaily

 

Euro Dollar – EUR/USD had pullback to its 1.1215–1.1130 support area which may offer traders buying opportunity to jump into this market. The market is still consolidating when looking at the longer term time frame charts but the short term momentum is still slightly bullish thus traders may consider looking for buying opportunities at this 1.1215–1.1130 support area. The next resistance level is at 1.1700 which offer traders massive profit margin to trade the long side.

EURUSDrH4

 

Loonie Yen – CAD/JPY is currently trading at its 92.00 resistance level. Given that the overall trend is still bearish, traders may consider shorting this market at this resistance level. If price rally through the 92.00 resistance level, traders may still look for shorting opportunities at the 94.10 resistance level to jump on this overall bearish trend.

CADJPYrDaily

Posted on 2015-08-28 06:30:36



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