Pound Aussie – GBP/AUD pullback to its 2.1519–2.1353 resistance area and rejected it as we expected in our 16th October 2015 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as price is likely going to continue to move lower and may retest its 2.0889 support level in the near term. Traders who missed the shorting opportunity may still look for short setup as we are still early in the potential bearish swing.
Pound Dollar – GBP/USD pullback to its 1.5388–1.5370 support area as we expected in our 15th October 2015 Market Outlook. Since the short term trend is still bullish, traders may consider buying into this support area for a short term trade. The next resistance level is not found until 1.5505 which offer traders huge profit margin to trade the long side.
Euro Dollar – EUR/USD fell significantly lower into its next 1.1114–1.1090 support area after price breaks the 1.1315–1.1294 support area. After the wild decline yesterday, price is stalling at the 1.1114–1.1090 support area which could either hold or break. If this level holds and price bounce off away from this level, we are then likely going to see price rally back into its 1.1315–1.1294 resistance area (Previous support area) while a break below the 1.1114–1.1090 support area will open up the door for potential further losses in the coming days.
Posted on 2015-10-23 06:30:36