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    9th June 2015 Market Outlook

    Kiwi Dollar – NZD/USD broke its 0.7081 resistance level yesterday and is moving towards its 0.7187 key resistance level. The overall trend is still bearish at the moment thus traders may consider shorting this market when price pullback to 0.7187 key resistance level. Ideally we would prefer to see some rejection or any other confirmation before selling for safer entry. However if price broke the 0.7187 key resistance level, we are then likely going to see further gains in NZD/USD in the coming weeks.





    Gold – Gold spike through its 1174.88–1170.22 support area but couldn’t close below the support level leaving a false break at the 1174.88–1170.22 support area. Price starts to moving higher in the morning session which may lead price higher in the coming days. Since we are still trading within the trading range, traders may consider buying at the 1174.88–1170.22 support area while having the target at the 1223.95–1215.31 resistance area.



    Japanese Yen – USD/JPY fell lower after price hit the 125.58 resistance level. The nearest support level is at 123.93 thus if price pullback to this support level, traders may look for buying opportunities to trade the long term bullish trend. On the other hand, if price breaks the 123.93 support level, we are then likely going to see price continue to fall lower into its next key support area at 122.01–121.79.


    Posted on 2015-06-09 06:30:16

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