Kiwi Dollar – NZD/USD rallied significantly higher after price rejected the 0.6392 support level and break through the 0.6454 resistance level as we expected in our 2nd October 2015 Market Outlook and 5th October 2015 Market Outlook. Traders who went long as we recommended may consider taking profits at the 0.66667 resistance level or scale out the position to lock in the profits while leaving the rest to run further. Price is likely going to continue its rally into the next resistance level at 0.6735. If price is able to break and close above the 0.6735 resistance level, we are then likely going to see price continue to rally higher.
Silver – Silver rejected the 15.40 support level as we expected in our 8th October 2015 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position as the momentum is still bullish at the moment. Traders may also have their first target set at the last swing high at around 16.10. If price is able to break through the previous swing high, we are then likely going to see price continue to rally higher into its next resistance level at 16.46.
Euro Dollar – EUR/USD is currently at the crossroad of breaking higher or pullback lower. Price has been testing the 1.1294 resistance level multiple times and each push lower is shallower than the previous push which is a sign of bears are losing steam. If price breakout above the 1.1294 resistance level, traders may then look for buying opportunity while if price performs a false breakout at the 1.1294 resistance level, traders are then recommended to sell short.
Posted on 2015-10-09 06:30:36