Kiwi Dollar – NZD/USD performed another rejection at its 0.6667 resistance level yesterday which may lead price lower in the coming days. Since 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. On the other hand, if price breaks above the 0.6667 resistance level and close above, we could potentially see price rally into its next resistance level at 0.6879 in the near term.
Pound Dollar – GBP/USD broke the 1.5536 resistance level and rallied into its next resistance level at 1.5680 and performed a strong rejection at the 1.5680 resistance level showing the bears are taking control in this market over the short term. Traders may consider shorting this market for a short term trade with a conservative target at the 1.5536 support level (Previous resistance level).
Loonie Yen – There’s a short term resistance level in CAD/JPY at 96.01 which could potentially offer traders some short term selling opportunities to ride on the bearish trend. However due to it’s just a short term resistance level, traders needs to take a more conservative approach when trading CAD/JPY. If price breaks the 96.01 resistance level, we are then likely going to see price continue higher into its 96.82 resistance level in the near term.
Posted on 2015-07-30 06:34:03