Euro Pound – EUR/GBP pullback to its 0.7356–0.7339 support area and rejected it yesterday which shows that the bulls are still in this market. Although the market is still ranging overall, traders may still consider buying into this market to ride on the bullish momentum. However due to the high impact news event we have today (Non Farm Payroll), we could potentially see some volatile moves take place at this support area thus traders need to take more cautious steps and account for the potential high volatility when buying into this market.
Kiwi Dollar – NZD/USD is trading at the 0.6392 short term support level which traders may consider looking for buying opportunities. Due to the long term trend is still bearish, conservative traders are recommended to stay at the sideline waiting for shorting opportunity. If price bounce off away from the 0.6392 support level, we are then likely going to see price rally higher into its 0.6454 resistance level.
Pound Loonie – GBP/CAD is currently trading at the 2.0080–2.0000 support area and we had a lower high printed on the chart. If price breaks the 2.0080–2.0000 support area, we will then have lower low which confirms a potential fresh bearish trend. If price breaks the 2.0080–2.0000 support area, we are then likely going to see price decline lower into its next support level at 1.9550 and traders may take advantage of the potential decline by looking for shorting opportunities after price breaks the 2.0080–2.0000 support area.
Posted on 2015-10-02 06:30:45