Euro Kiwi – EUR/NZD broke its 1.5402 resistance level after bouncing off the 1.5011–1.4953 support area. Traders who went long at the 1.5011–1.4953 support area as we recommended in our 25th May 2015 Market Outlook may consider holding onto the long position while trailing the stop to protect the profits. Price pullback to its 1.5402 support level (Previous resistance level) this morning and performed a minor rejection at this fresh support level thus traders who missed the previous buying opportunity may consider buying into this market at this support level while traders who have long positions at their hands may as well scale in the position at this 1.5402 support level.
Euro Loonie – EUR/CAD is currently trading within the range of 1.3802–1.3749 resistance area and 1.3431–1.3400 support area. Traders may consider sell short at the 1.3802–1.3749 resistance area as the overall long term trend is still bearish. Price is likely going to decline lower in the coming days until price breakout away from the trading range and the lower end of the trading range may serve as the first target for short sellers to take profits.
Pound Loonie – GBP/CAD rejected its 1.8963 support level on last Friday. Given that the trend is bullish at the moment, traders may consider buying into this market for a short term trade. The resistance level is at 1.9185 which offer traders decent profit margin to trade the long side. The next major resistance level is not found until 1.9540 thus price may slice through the 1.9185 resistance level and continue to move higher in the coming day.
Posted on 2015-06-01 06:30:48