Gold – Gold pullback to its 1153.60 support level after price rallied through its previous resistance level. The short term momentum is bullish at the moment thus traders may consider buying into this market at the 1153.60 support level to ride on the bullish momentum. If price rejects and bounce off away from the 1153.60 support level, we are then likely going to see price retest its 1169.00 resistance level in the near term.
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. Price rallied into our next resistance level at 0.6735 after price breakthrough the 0.6667 resistance level as we expected in our 9th October 2015 Market Outlook. Traders who went long as we recommended may consider taking profits at the 0.6735 resistance level or scale out the position to lock in the profits. 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 and traders may then look for buying opportunities again to scale in the current long positions.
Aussie Yen – AUD/JPY breaks through the 87.33 resistance level on last Friday. The momentum had turned bullish after price breakout above the 87.33 resistance level thus traders may consider looking for buying opportunity when price pullback to the 87.33 support level (Previous resistance level). Ideally, we would prefer to see price rejects the 87.33 support level or any other confirmation before buying into this market as it will offer a safer entry.
Posted on 2015-10-13 06:30:58