Kiwi Dollar – NZD/USD fell significantly lower after price rejected the 0.7187 resistance level as we expected in our 9th June 2015 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position while trailing the stop to protect the profits. Price is likely going to continue to move lower in the coming days as the overall trend is still very bearish at the moment.
Kiwi Yen – NZD/JPY broke its 87.88–87.26 support area yesterday. Given that the trend had turned bearish after the massive sell-off, traders may consider shorting this market when price pullback to resistance level to ride on the fresh bearish trend. Traders may also wait for price to pullback to the 87.88–87.26 resistance area before shorting for a better entry price.
Euro Pound – EUR/GBP is currently moving sideway on the shorter time frame. Traders may consider buying at the low of the trading range and selling the high of the trading range until price breakout away from the trading range. Price performed a small rejection at the 0.7266 support level which may lead price to the 0.7386 resistance level in the near term. Traders may consider buying into this market for a short term trade with a target at around 0.7386 resistance level.
Posted on 2015-06-11 06:30:29