Pound Dollar – GBP/USD rallied higher into its 1.5337 resistance level after price rejected the 1.5115 support level as we expected in our 30th September 2015 Market Outlook. Traders who went long as we recommended may consider taking profits at the 1.5337 resistance level. Traders may also look for shorting opportunities at the 1.5337 resistance level as the trend is still bearish at the moment and if price rejects this 1.5337 resistance level, we are then likely going to see price decline into its 1.5115 support level.
Silver – Silver pullback to its 15.62 support level after the breakout as we expected. Given that the momentum is bullish at the moment, traders may consider buying into this market at the 15.62 support level. Ideally we would prefer to see some rejections or any other confirmations at the 15.62 support level before going long for a safer entry. If price breaks the 15.62 support level, traders may still look for buying opportunities at the next support level at 15.40 as it’s also a good spot to hunt for trade setups.
Loonie Dollar – USD/CAD rejected its 1.3025–1.2958 support area yesterday which could be an early sign of market rally. Since we are still in a strong bullish trend and this is a very key support area, traders may consider buying into this market. However we have FOMC later today which could increase the volatility of the market significantly thus traders who intend to go long need to take into the account the potential volatility to avoid being stop out early.
Posted on 2015-10-08 06:30:13