Silver – Silver is currently trading at its 14.70–14.38 key support area. Price seems to be undecided on which direction it wants to head yet but over the short term we might see price bounce away from the 14.70–14.38 key support area into its 15.62 resistance level before continue moving lower. Conservative traders are recommended to wait at the sideline until price breaks through the 14.70–14.38 key support area before shorting to ride on the bearish trend.
Pound Kiwi – GBP/NZD is still in a strong bullish trend and is currently trading at the 2.3400 support level. If price rejects this level and the up slopping trend line, we are then likely going to see price rally higher from here and traders may consider buying into this market to ride on this strong bullish trend. There’s no key resistance level above current price thus there’s a huge profit margin for traders to trade on the bulls side.
Aussie Swiss Franc – AUD/CHF looks bearish after rejecting the 0.7097 resistance level. Given that the overall trend is still bearish and also the first major pullback after the breakout, we could potentially see price fell lower after rejecting this 0.7097 resistance level. Traders may consider selling short at this 0.7097 resistance level with the first target at the 0.6949 support level.
Posted on 2015-07-23 06:30:18