Aussie Yen – AUD/JPY rejected its 89.33 support level this morning. Aggressive traders may consider buying into this market until price trade into the 91.01 resistance level for a short term counter trend trade. On the other hand, conservative traders are recommended to stay at the sideline until price reach the 91.01 resistance level and rejects it then traders may consider shorting this market to ride on the bearish trend.
Japanese Yen – USD/JPY failed to rally higher after price rejected the 123.66 support level but fell through its 123.66 support level turning the support level into fresh resistance level. Since the short term momentum had turned bearish after price broke the 123.66 support level, traders may consider shorting this market when price pullback to the 123.66 resistance level (Previous support level) to jump on the short term bearish momentum. Traders who short this market may consider have their first conservative target at the recent swing low as the overall trend is still bullish and if price breaks below the recent swing low, traders may then consider holding onto the short position with a trailing stop behind to protect the profits while allowing the price to move even lower.
Euro Aussie – The bulls are in control in the EUR/AUD currency pair and we can see a nice strong bullish trend in this market. Since the overall trend is still bullish, trading the long side will increase the probabilities of the trade we make thus traders may consider buying into this market when price fell into the 1.5060 support level. The next key resistance level is not found until 1.5316 which offer traders huge profit margin to trade the bulls’ side.
Posted on 2015-07-28 06:30:42