Silver – Silver fell lower into its 14.70 support level after price rejected the 15.62 resistance level as we expected in our 14th July 2015 Market Outlook. Traders who went short as we recommended may consider taking profits at this 14.70 support level or scale out the position while trailing the stop to protect the profits. If price breaks the 14.70 support level, we are then likely going to see further decline in Silver in the coming days.
Kiwi Dollar – NZD/USD is making its way back to the 0.6620 resistance level. Given that the overall trend is still bearish at the moment, traders may consider selling short at this resistance level. Ideally we would prefer to see price rejects this 0.6620 resistance level before shorting for a safer entry. Traders may also consider using lower time frame to spot for rejections before selling short.
Japanese Yen – USD/JPY is currently trading at its 124.43 resistance level. If price pullback to its 123.66 support level, traders may then consider buying into this market to jump on the bullish trend. There’s no immediate resistance level after the 124.43 resistance level thus if price rally through the 124.43 resistance level, we are then likely going to see price rally even higher in the coming days.
Posted on 2015-07-21 06:30:05