Pound Dollar – GBP/USD broke its 1.5115 resistance level and rally into its next resistance level at 1.5246 which traders may consider shorting this market if price rejects the resistance level as the overall trend is still bearish at the moment. There’s no immediate support level below until around 1.5000 price level which offer traders massive profit margin to short this market.
Euro Pound – EUR/GBP rallied into its 0.7195 resistance level, rejected it and fell lower as we expected in our 6th November 2015 Market Outlook. Traders who went short as we recommended may consider taking partial profits off the table when price hit the price level of previous swing low at around 0.7040 and leave the rest to run further with a trailing stop as price may retest its 0.6950–0.6934 support area if price is able to breaks below the previous swing low.
Aussie Yen – AUD/JPY has been consolidating over the last few weeks but shot up higher earlier today which resulted by the positive change of employment data. AUD/JPY breakout from its triangle chart pattern which could potentially lead price even higher in the coming days. If price closed outside of the triangle chart pattern, we are then likely going to see price rally into its next resistance level at 89.33.
Posted on 2015-11-12 06:30:27