Euro Yen – EUR/JPY continue to decline lower after price pullback into its 126.28–125.00 key resistance area and rejected it as we expected in our 25th February 2016 Market Outlook. Traders who went short as we recommended may consider taking partial profits at the previous swing low while leaving the rest to run further with a trailing stop behind to lock in the profits.
Euro Kiwi – EUR/NZD breakout away from its 1.6555 support level last week which could potentially push price even lower in the coming days. Price pullback into the 1.6555 resistance level (Previous support level) and rejected it yesterday which shows potential shorting opportunity at this resistance level. Given that the current momentum is slightly bearish after the breakout of 1.6555 support level, traders may consider shorting at the 1.6555 resistance level (Previous support level) to ride on the bearish momentum.
Loonie Dollar – We have a nice little resistance level at 1.3660 in USD/CAD which traders may consider hunt for potential short setup as the overall trend is still bearish at the moment. Ideally we would prefer to see price rejects the 1.3660 resistance level before shorting for a safer entry. There’s no immediate support level below which offer traders good profit margin to trade the short side.
Posted on 2016-03-01 06:30:40