Euro Pound – EUR/GBP fell back into its 0.7356–0.7339 support area after price rejected the 0.7482 resistance level. Price is currently sitting at the 0.7356–0.7339 support area which traders may consider looking for buying opportunity if price rejects this support area. On the other hand, if price breaks below the 0.7356–0.7339 support area, we are then likely going to see price continue to decline lower into its next support level at 0.7223.
Gold – Gold is making its way back into its 1169.00 support level. If price pullback into the 1169.00 support level and rejected it, traders may then consider buying into this market as the trend is still bullish at the moment. There is no immediate resistance level until 1205.00 which offer traders massive profit margin to trade the long side.
Pound Aussie – GBP/AUD fell into its 2.0889 support level after price breaks the 2.1519–2.1353 support area as we expected in our 1st October 2015 Market Outlook. Price bounce after it hit the 2.0889 support level and is approaching the 2.1519–2.1353 resistance area (Previous support level). Traders may consider shorting this market when price pullback to the 2.1519–2.1353 resistance area. Ideally, we would prefer to see price rejects the 2.1519–2.1353 resistance area or any other confirmation to form before shorting for a safer entry.
Posted on 2015-10-16 06:30:26