Pound Yen – GBP/JPY pullback to its 189.61 key support level and rejected it with full force showing bulls are buying at this key support level. Given that the long term trend is still very bullish at the moment, traders may consider buying into this market as price is likely going to continue to rally higher in the coming days. As long as price remains above this 189.61 key support level, we remain bullish bias and price could potentially retest its 195.82 resistance level in the coming weeks.
Loonie Dollar – USD/CAD breakout above the 1.2560 resistance level yesterday confirming the bullish trend and momentum we are currently in. Traders may consider buying into this market as we could potentially see price continue to move higher after the breakout and may rally into its 1.2830–1.2780 resistance area in the coming days. Traders may also look for buying opportunity on lower time frame or when price pullback to its 1.2560 support level (Previous resistance level) to ride on the bullish trend.
Aussie Swiss Franc – AUD/CHF pullback to its 0.7095 resistance level after the breakout of the 1 month old trading range we have in AUD/CHF and price fell lower after it rejected the 0.7095 resistance level. Given that the long term trend is still bearish and the short term momentum had turned bearish after the breakout, traders may consider looking for shorting opportunities in this market as price is likely going to continue to move lower in the coming days and the next key support level is not found until 0.6895 which offer traders massive profit margin to trade the short side. However if price retrace back up into its trading range, price could potentially resume its trading range.
Posted on 2015-07-07 06:30:54