Silver – Silver had a rejection at its 14.70–14.38 key support area on last Friday. Given that price is at the key support area, aggressive traders may consider buying into this market for a short term counter trend trade but for conservative traders, waiting at the sideline for price to rally back into its 15.62 resistance level before shorting this market would be a safer bet as it’s with the long term bearish trend. On the other hand, if price breaks the 14.70–14.38 key support area decisively, traders may then consider shorting this market as there’s no immediate support level below after the 14.70–14.38 key support area.
Pound Dollar – We have a short term resistance level in GBP/USD at the 1.5536 price level. The short term momentum is bearish at the moment thus traders may consider looking for shorting opportunities at the 1.5536 resistance level especially on the lower time frame to jump on the bearish momentum. The next support level is not found until 1.5327 which offer traders massive profit margin to trade the short side.
Aussie Loonie – AUD/CAD is still trading in a tight consolidation but the short term momentum seems to be in favor to the bears as price is making its way back to its 0.9410–0.9369 support area. However we have a short term resistance level at the 0.9526 price levels thus short term traders may take advantage of this 0.9526 resistance level to ride on the bears until price retest the 0.9410–0.9369 support area again.
Posted on 2015-07-27 06:30:03