Aussie Loonie – AUD/CAD rejected its 0.9845 support level and rally higher as we expected in our 8th January 2016 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position with a trailing stop behind as price is likely going to continue to move higher into its 1.0077 resistance level.
Gold – Gold is making its way back to its 1082.00–1079.00 support area which traders may consider buying into this market as price could potentially bounce at this support area. Due to we are currently in a long term bearish trend, traders are recommended to treat this support area as a short term trade. Ideally, we would prefer to see price rejects this support area before buying into it for a safer entry.
Kiwi Yen – Price starts to find support in NZD/JPY which could potentially cause price to pullback before continue to move lower. Given that the trend is bearish at the moment, traders may consider looking for potential sell setups when price pullback to resistance level especially the 79.84–79.42 resistance area to ride on the bearish trend.
Posted on 2016-01-13 06:30:09