Aussie Yen – AUD/JPY rejected its 94.56 resistance level yesterday showing the bears stepped into the market trying to push the market lower. The short term momentum had turned into bearish after price breakdown from the consolidation thus traders may consider selling short at this 94.56 resistance level. Price is likely going to fell lower and retest its next support level at 92.85. If price could break the 92.85 support level, we are then likely going to see price move even lower in the coming weeks probably into its 90.44 support level.
Swiss Franc – Yesterday USD/CHF rally through its resistance level which opened up the door for potential further upside. The short term trend is bullish at the moment thus traders may consider buying into this market when price pullback to its 0.9427–0.9405 support area. Ideally we would prefer to wait for price to rejects or any other confirmation at the support area before buying into this market for safer entry.
Pound Dollar – GBP/USD broke its 1.5680 support level yesterday. The short term trend had turned bearish after price broke the 1.5680 support level thus if price pullback to the 1.5680 resistance level (Previous support level), traders may consider selling short. Traders may also look for potential selling opportunities on lower time frame especially when the momentum had just turned bearish. As long as price remains below the 1.5680 resistance level, we remain bearish bias and price is likely going to move lower in the coming days.
Posted on 2015-07-02 06:30:30