Silver – Silver breakout above its 15.62 resistance level which opened up the door for potential further rallies in the coming days. Given that the momentum had turned bullish after price breakout above the 15.62 resistance level, traders may consider buying into this market when price pullback to the 15.62 support level (Previous resistance level) to ride on the bullish momentum. There is no immediate key resistance level above which offer traders decent profit margin to trade the long side.
Loonie Dollar – USD/CAD fell significantly lower after price performed a false breakout at the 1.3350–1.3325 resistance area. Given that the overall trend is still bullish, traders may consider buying into this market if price rejects the 1.3025–1.2958 support level. On the other hand, if price fell through the 1.3025–1.2958 support level, we are then likely going to see price continue to decline lower into its next key support area at 1.2830–1.2780.
Pound Aussie – GBP/AUD fell lower after price breaks the 2.1510–2.1415 support area as we expected in our 1st October 2015 Market Outlook. The long term trend is still bullish but the short term momentum is clearly bearish at the moment thus traders may consider shorting this market especially when price pullback to the 2.1510–2.1415 resistance area (Previous support area). The next support level is not found until 2.0889 which offer traders decent profit margin to trade the short side.
Posted on 2015-10-07 06:30:11