Euro Dollar – EUR/USD rallied significantly higher into its 1.1458 resistance level 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 taking partial profits off the table at 1.1458 resistance level to lock in the profits while leaving the rest to run further. Price had rally through its 1.1458 resistance level which could potentially lead price higher in the coming day thus traders who missed the buying opportunity earlier may consider buying into this market when price pullback to the 1.1458 support level (Previous resistance level) to jump on this bullish trend.
Gold – Gold did pullback to its 1169.00 support level before rally higher as we expected in our 14th October 2015 Market Outlook. The pullback to 1169.00 support level offer traders who missed the earlier buying opportunity a second chance to jump on this bullish momentum. Traders who went long at the 1169.00 support level and 1153.60 support level as we recommended in our 13th October 2015 Market Outlook and 14th October 2015 Market Outlook may consider continue holding onto the long position while trailing the stop behind as price is likely going to continue to rally higher. The next resistance level is not found until 1205.00 which offer traders massive profit margin to trade the long side and traders who missed the previous two buying opportunities may still look for long setups when price pullback to support level.
Pound Dollar – GBP/USD did fell lower after price rejected the 1.5337 resistance level as we expected in our 8th October 2015 Market Outlook. However the decline in GBP/USD is short-lived and price gained back all its losses with an extra 100 pips rally. The short term momentum had turned bullish after the strong rally thus traders may consider looking for buying opportunities if price pullback to the 1.5388–1.5370 support area. Ideally, we would prefer to see price rejects the support area or any other confirmation before buying into the market for a safer entry.
Posted on 2015-10-15 06:30:50