Silver – Silver is making its way back to its 15.62 resistance level. This is the first pullback to the resistance level after the breakout which may lead price even lower if price rejects the 15.62 resistance level and fell lower. Traders may consider selling at this 15.62 resistance level to ride on the bearish trend but are recommended to wait for price to rejects the 15.62 resistance level before shorting this market for a safer entry.
Euro Yen – EUR/JPY once again pullback to its 135.89 resistance level after price bounce off from its 133.73 support level. Price has reacted at the 135.89 resistance level and fell lower in the past as we expected in our 6th July 2015 Market Outlook and this is the second retest to the same resistance level. This time the resistance level may be weaker compared to the previous retest but traders may wait for price to rejects this 135.89 resistance level or any confirmation before shorting to avoid shorting too early and get stop out.
Norwegian Krone – USD/NOK rallied higher after price rejected the 7.7111–7.6698 support area as we expected in our 12th June 2015 Market Outlook. Although price did struggle to shoot higher at first but it still managed to rally higher and took out the 7.9859–7.9567 resistance area. Traders who went long as we recommended may consider taking profits or at least scale out the position to lock in profits. If price pullback to its 7.9859–7.9567 support area, traders may then look out for buying opportunities in this market to trade in line with the bullish momentum in this market.
Posted on 2015-07-10 06:30:39