Pound Dollar – GBP/USD fell lower into its 1.5536 support level after price rejected the 1.5680 resistance level as we expected in our 30th July 2015 Market Outlook. Traders who went short at the 1.5680 resistance level may consider taking profits at the 1.5536 support level or scale out the position while trailing the stop to protect the profits. If price is able to breaks and close below the 1.5536 support level, we are then likely going to see price continue to move lower into its next support level at 1.5470.
Japanese Yen – USD/JPY fell lower into its 123.69 support level and bounce higher after price rejected the 123.69 support level as we expected in our 31st July 2015 Market Outlook. Traders who went long at the 123.69 support level as we recommended may consider taking partial profits at the 124.43 resistance level. If price breakout above the 124.43 resistance level, we are then likely going to see price rally higher into its next key resistance level at 125.58 in the coming days.
Aussie Dollar – AUD/USD rallied through the 0.7350 resistance level yesterday which has now become a new support level. The short term momentum is bullish after price surged through its 0.7350 resistance level but the overall trend is still bearish at the moment. Price has pullback to its 0.7350 support level (Previous resistance level) which aggressive traders may look for buying opportunities at this support level. However conservative traders are recommended to stay at the sideline as the overall trend is still very bearish at the moment.
Posted on 2015-08-05 06:30:40