Silver – Silver is currently making its way back to the 14.74 resistance level. Traders who went short at the 15.62 resistance level as we recommended in our 17th August 2015 Market Outlook may consider scale in the position at this 14.74 short term resistance level as the bearish trend is likely going to continue to move lower. Traders who went short at the 15.62 resistance level should consider to scale out the position as we recommended in our 19th August 2015 Market Outlook to lock in the profits.
Pound Aussie – GBP/AUD pullback to its 2.1519 support level after a long stretch as we expected in our 27th August 2015 Market Outlook. Given that the overall trend is still very bullish, traders may consider buying into this market at the 2.1519 support level. Ideally, we would prefer to see some rejections or any other confirmations to take place at this 2.1519 support level before going long for a safer entry especially on the lower time frame. There’s no immediate resistance level above which offer traders great profit margin to trade the long side but traders may still treat the latest swing high as the first target to lock in some profits.
Pound Dollar – We have had some significant decline in the GBP/USD over the last few trading days. Given that the strong bearish momentum we currently have in this market, traders may look for shorting opportunities in this market. If price pullback to the 1.5466–1.5450 resistance area, traders may then consider shorting this market. If price rejects the 1.5466–1.5450 resistance area, we are then likely going to see price decline further and may retest its 1.5327 support level in the next few days.
Posted on 2015-08-31 06:30:24