Euro Aussie – EUR/AUD rejected its 1.4769–1.4720 support area yesterday. Given that we are in a bullish trend, traders may consider buying into this market to ride on the bullish trend while traders who went long at the 1.4445–1.4351 support area as we recommended in our 29th June 2015 Market Outlook may consider scale in the position at this 1.4769–1.4720 support area to maximize the potential profits in this bullish trend. If price bounce off this 1.4769–1.4720 support area, we are then likely going to see price continue to move higher in the coming days.
Loonie Dollar – USD/CAD rally through its 1.2830–1.2780 key resistance area after price consolidates for awhile below the key resistance level. Given that we are in a bullish trend coupled with yesterday massive breakout to the upside, traders may consider looking for buying opportunities especially on the lower time frame or when price pullback to the 1.2830–1.2780 key support area (Previous key resistance level). Traders who bought at the breakout of the 1.2560 resistance level as we recommended in our 7th July 2015 Market Outlook may also consider continue holding onto the long position while adding more long positions to maximize the profits from this strong bullish trend. The next key resistance level which is also a big round number/psychological level at 1.3000 could serve as a target for the bulls to bank in the profits.
Kiwi Dollar – The bears in the NZD/USD is still going strong and continue to breaking new lows. Yesterday price breaks the previous swing low at 0.6620 which opens up for more potential further downside movement in the coming days. Traders may consider shorting this market if price pullback to its 0.6620 resistance level (Previous swing low point) to ride on this strong bearish trend.
Posted on 2015-07-16 06:40:24