Euro Dollar – EUR/USD continue to decline lower due to the strength of USD. The trend is still bearish at the moment and traders who went short at the 1.1114–1.1090 resistance area as we recommended in our 27th October 2015 Market Outlook may consider continue holding onto the short positions as price is likely going to continue to move lower. Traders who missed the shorting opportunity at the 1.1114–1.1090 resistance area may consider shorting this market at the 1.0850–1.0820 resistance area to jump on this bearish trend, traders who are short may scale in at this resistance area as well to maximize the potential profits of this bearish trend.
Japanese Yen – USD/JPY is showing weakness at the 123.01 resistance level which could potentially push price back to the mean before continue rally higher. Aggressive traders may consider shorting this market into the 121.65–121.45 support area while conservative traders are recommended to wait for price to pullback to the 121.65–121.45 support area or a breakout above the recent high before buying into this market for a safer entry.
Aussie Loonie – AUD/CAD rallied through its 0.9442 resistance level yesterday which now turned into support level where traders may look for buying opportunity to trade inline with the bullish momentum. If price pullback to the 0.9442 support level (Previous resistance level), traders may then look for buying opportunities and if price bounce at the support level, we are then likely going to see price rally into its 0.9578 resistance level in the coming days.
Posted on 2015-11-13 06:30:01