Euro Dollar – EUR/USD rallied higher after price breakout the 1.1294 resistance level as we expected in our 9th October 2015 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position while traders who missed the breakout may wait for price to pullback to the 1.1315–1.1294 support area (Previous resistance level) before buying into this market for a safer entry. The next resistance level is not found until 1.1458 which offer traders huge profit margin to trade the long side.
Pound Yen – GBP/JPY rallied higher into its 184.22 resistance level after price bounce off from its 180.90 support level. Last Friday price rejected the 184.22 resistance level which shows potential shorting opportunity in this market. Given that the trend is bearish at the moment, traders may consider shorting this market when price breaks below last Friday low.
Aussie Dollar – AUD/USD rallied through its 0.7270–0.7240 resistance area on Last Friday which opened up the door for potential further rally. The short term momentum had turned bullish after price breaks the 0.7270–0.7240 resistance area thus traders may consider buying into this market when price pullback to the 0.7270–0.7240 support area (Previous resistance area) to ride on the bullish momentum. The overall trend is still bearish thus traders who are considering buying into this market will need to take more cautious steps towards placing stops and profit target.
Posted on 2015-10-12 06:30:19