Pound Dollar – GBP/USD made a strong rejection near its 1.5680 resistance level. Traders may consider shorting this market for a short term trade. Market is undecided on which trend to head on the shorter time frame but it’s still slightly bullish on the longer time frame thus traders need to be more cautious when shorting this market. The next support level is at 1.5327 and if price fell off from this 1.5680 resistance level, we are then likely going to see it retest its 1.5327 support level in the coming weeks.
Kiwi Dollar – Yesterday NZD/USD performed a strong rejection at its 0.6667 resistance level which may lead price lower in the coming days. Given that the overall trend is still bearish, traders may consider shorting this market to ride on the bearish trend. There’s no key support level below thus traders may consider riding on this bearish trend with a trailing stop instead of setting profit targets to maximize the profit potential in this strong bearish trend.
Aussie Dollar – AUD/USD fell through its support level this morning which now turns into resistance level. The overall trend is very bearish at the moment thus if price pullback to the 0.7334 resistance level, traders may then consider shorting this market to ride on the bearish trend. The next support level is not found until 0.7263 which offer traders decent profit margin to trade the short side.
Posted on 2015-07-24 06:30:52