Aussie Loonie – AUD/CAD fell lower after price rejected the 0.9362 resistance level as we expected in our 30th October 2015 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position while trailing the stop as price is likely going to continue to move lower in the coming days.
Japanese Yen – USD/JPY is currently trading within the range of 121.65 resistance level and 118.60 support level. The overall long term trend is still bullish thus buying into this market would be safer. Buying after price breakout the 121.65 resistance level or when price pullback to 118.60 support level will offer traders higher probability entry point. However traders may still look for shorting opportunity at 121.65–121.45 resistance area as price is trading within a trading range over the shorter term. Last Friday rejection bar increase the odds of shorting for traders who intend to short this market.
Pound Kiwi – GBP/NZD is consolidating above the 2.2452 support level. Price could break either to the upside or downside but if price breaks the 2.2452 support level, we are then likely going to see price decline lower in the coming weeks and traders may consider shorting this market when price breaks below the 2.2452 support level. A break below the 2.2452 support level could potentially drag price even lower and could potentially retest its 2.1040–2.0931 support area.
Posted on 2015-11-02 06:30:06