Euro Dollar – EUR/USD fell directly into its 1.0829 support level and performed a rejection at this support level. Aggressive traders may consider buying into this market for short term counter trend trade as price may retrace back up to its 1.1132–1.1068 resistance area in the coming days. On the other hand, conservative traders may consider shorting this market when price retrace back up to the 1.1132–1.1068 resistance area to trade with the overall bearish trend.
Aussie Kiwi – AUD/NZD is on its way back to its 1.0519 support level. Given that the short term trend is bullish at the moment, traders may consider buying into this market when price pullback to its 1.0519 support level. Ideally, we would prefer to see price rejects this 1.0519 support level or any other confirmation before entering the trade for safer entry. If price bounce off away from the 1.0519 support level, we are then likely going to see price rally higher into its 1.0890 resistance level which may also serve as the first target for traders with long positions.
Euro Pound – EUR/GBP overall trend is still bearish and price is trying to make its way back to the 0.7123 resistance level. Traders may consider shorting this market when price pullback to the 0.7123 resistance level as it’s a high probability area for hunting short setups. However, waiting for confirmation before shorting this market would be a better way to short this market as it will keep us away from getting in too early.
Posted on 2015-05-28 06:30:50