Gold – Gold is consolidating at its 1174.88–1170.22 support area ahead of the FOMC. Market is waiting for the news announcement later today in the evening. If price breaks higher, we could then see price continue to rally higher into its 1223.95–1215.31 resistance area. On the other hand, if price breaks below the 1174.88–1170.22 support area, price is then likely going to continue to decline lower probably into its 1143.00 support level in the coming days.
Euro Kiwi – EUR/NZD is currently trading at its 1.6248–1.6154 resistance area. Given that we are in a strong up trend, price may break through this resistance area in the near term. Traders may consider buying into this market if price pullback to its 1.5816 support level. Aggressive traders may also consider shorting this market at this resistance area for a short term counter trend trade while having their target at the 1.5816 support level. Given that we are in a strong up trend. Traders who intend to short this market need to be more cautious especially on stop placement.
Euro Swiss Franc – EUR/CHF is having a similar scenario we see in the gold market. Price is consolidating at the 1.0523–1.0503 resistance area. If price breaks above the consolidation, we are then likely going to see price rally higher in the coming days. While if price breaks lower, we could see EUR/CHF resume its trading range and most likely going to decline into its 1.0301–1.0279 support area in the coming days. However, since price had been chopping around the 1.0523–1.0503 resistance area in the last two weeks, we are likely going to see price breakout higher in the coming days.
Posted on 2015-06-17 06:30:53