Silver – Silver rallied higher into our first target at 15.62 resistance level after price bounced off away from its 14.70–14.38 key support area after we see the divergence and the rejection took place at the 14.70–14.38 key support area as we expected in our 10th August 2015 Market Outlook. Traders who went long as we recommended may consider taking profits or scale out the position at the 15.62 resistance level. If price rejects the 15.62 resistance level when the RSI hits oversold area, we are then likely going to see price fell back lower. On the other hand if price breakout above the 15.62 resistance level, we are then likely going to see further upside movements in the coming days.
Euro Dollar – EUR/USD pullback to its 1.1114 support level and rejected it as we expected in our 13th August 2015 Market Outlook. The rejections we have at the 1.1114 support level shows that there’s still buyers at this support level thus traders may consider buying into this market but due to the resistance level above at 1.1216 price level, traders who intend to go long may need to take a more conservative steps towards placing stops and profit target. Conservative traders may as well wait for price to breakout above the 1.1216 resistance level before entering long position for a safer long entry.
Euro Aussie – EUR/AUD made a strong rejection at the 1.5316 resistance level which could potentially send price lower in the coming days into its 1.4915 support level. Since we are still in a strong bullish trend, conservative traders may consider waiting for a buying opportunity to trade in line with the long term bullish trend while aggressive traders may consider selling short this market and have the first target at the 1.4915 support level.
Posted on 2015-08-14 06:30:10