Euro Loonie – EUR/CAD pullback to its 1.3802–1.3749 support area on lower time frame and shot significantly higher after price rejects the 1.3802–1.3749 support area as we expected in our 3rd June 2015 Market Outlook. Traders who went long as we recommended may consider taking profits or scale out the position at the 1.4075 resistance level. If price breaks the 1.4075 resistance level, we are then likely going to see price continue to rally higher probably into its 1.4327 resistance level in the near term.
Aussie Dollar – Yesterday AUD/USD performed a strong rejection at the 0.7789 resistance level. Given that the overall trend is still bearish, traders may consider selling short this market as price is likely going to continue lower in the coming days. The next key support is not found until 0.7565 which offer traders decent profit margin to short this market.
Euro Yen – EUR/JPY breakout from the 137.66–136.50 resistance area on Tuesday which opened the door for potential further upside in the coming weeks. Since the short term trend is aligned with the long term bullish trend, traders may consider buying into this market when price pullback to the 137.66–136.50 support area (Previous resistance area). As long as price remains above the 137.66–136.50 support area, we remain bullish bias and traders may look for buying opportunities especially on the lower time frame to jump on this bullish trend.
Posted on 2015-06-04 06:30:16