Euro Dollar – EUR/USD is currently trading at the 1.0829 support level. We could potentially see price bounce back into its 1.0955 resistance level before continue to move lower. Since the overall trend is still bearish, conservative traders are recommended to wait at the sideline until price pullback to its 1.0955 resistance level and trade in line with the overall bearish trend while aggressive traders may consider buying at this 1.0829 support level for a short term bullish trade into the 1.0955 resistance level. If price breaks the 1.0829 support level, we are then likely going to see price continue to move lower in the coming days.
Pound Swiss Franc – GBP/CHF rallied higher after price broke the 1.4800 resistance level as we expected in our 15th July 2015 Market Outlook. Traders who went long at this market may consider continue holding onto the long position as price is likely going to continue higher to its next resistance level at 1.5165 with a trailing stop behind to protect the profits.
Aussie Kiwi – AUD/NZD had a strong drop this morning. We could potentially see this bearish move to continue lower as there is no immediate support level below current price thus traders may consider shorting this market. While if price pullback to the 1.1272 resistance level, traders would have a greater entry as it’s a new resistance level that was created this morning.
Posted on 2015-07-20 06:30:22