Silver – Silver rallied higher into the 15.62 resistance level and fell back into its 14.70–14.38 key support area after price rejected the 15.62 resistance level as we expected in our 10th August 2015 Market Outlook and 17th August 2015 Market Outlook. Traders who went short at the 15.62 resistance level as we recommended may consider taking profits or at least scale out the position at the 14.70–14.38 key support area while leaving the rest to run further.
Euro Pound – We have an interesting short term resistance level at 0.7063 in EUR/GBP which may offer traders some intraday trading opportunities especially in the London trading session. Traders may consider shorting this resistance level to ride on the short term bearish trend. Ideally, we would prefer to see some rejection to take place at this resistance level or any other confirmation before shorting for a safer entry. If price rejects the 0.7063 resistance level, we are then likely going to see price retest its 0.7023 within a short period of time.
Japanese Yen – USD/JPY is consolidating at the moment and had formed a triangle chart pattern which if price breakout may lead to potential significant move in either way but given that the overall trend is still bullish, it’s safer to trade bullish breakout instead of bearish breakout but aggressive traders may still consider shorting this market as the next support level is still far from current price but need to be more cautious in placing stops and profit targets as the overall trend is still bullish at the moment.
Posted on 2015-08-19 06:30:31