Aussie Dollar – AUD/USD performed a false break at the 0.77879 resistance level which may lead price lower in the coming days. Price is just consolidating in the last few months but over the longer term horizon, price is heading South. Traders may consider shorting this market with a more conservative or tighter target as the market is just moving sideway. If price breaks the 0.7565 support level, we are then likely going to see price fall even lower in the coming weeks.
Pound Dollar – GBP/USD slowed down and is turning lower after price hit the 1.5890 resistance level. Price is likely going to continue to decline into its 1.5690 support level in the near term. Given that the trend is still bullish, traders may consider buying this market when price pullback to the 1.5690 support level. Ideally, we would prefer to see price rejects the 1.5690 support level before going long for a safer entry.
Pound Loonie – GBP/CAD rallied higher and is approaching the 1.9550 resistance level after price broke its 1.9220 resistance level as we expected in our 16th June 2015 Market Outlook. Traders who are long at the break or at the pullback to the 1.9220 support level (previous resistance level) as we recommended may consider taking profits or scale out the position near this 1.9550 resistance level as it may be a big obstacles for price to pass through it as it’s a key resistance level. However if price could break through this 1.9550 resistance level, we are then likely going to see price move significantly higher as there’s no immediate resistance level after the 1.9550 key resistance level.
Posted on 2015-06-23 06:30:48