Norwegian Krone – USD/NOK pullback to its 7.9859–7.9567 support area on last Friday and performed a rejection at the 7.9859–7.9567 support area as we expected in our 10th July 2015 Market Outlook. Traders who went long earlier at the 7.7111–7.6698 support area as we recommended in our 12th June 2015 Market Outlook may consider scale in into the current position to juice out maximum profits from this bullish trend. Traders who missed the buying opportunity at the 7.7111–7.6698 support area may also consider buying into this 7.9859–7.9567 support area as well to jump on the bullish trend.
Euro Pound – EUR/GBP pullback to its 0.7155 short term support level earlier today and rejected the support level showing signs of bulls accumulating position. Given that the short term momentum is bullish at the moment, traders may consider buying into this market to ride on the bullish momentum. If price indeed bounce away from this support level, we are then likely going to see price rally higher in the coming days. The next resistance level is not found until 0.7266 which offer traders decent profit margin to trade the long side.
Aussie Yen – AUD/JPY is currently trading just below the 91.76 resistance level. Traders may consider selling short at this level if price rejects this resistance level especially on the lower time frame as the trend is still bearish at the moment. If price breaks through this 91.76 resistance level, traders may still look for shorting opportunities at the next resistance level at 92.85 as it’s also a good spot to hunt for shorting opportunity.
Posted on 2015-07-13 07:00:59