Aussie Kiwi – AUD/NZD rally significantly higher after price rejected its 1.0578–1.0516 support area as we expected in our 27th Oct 2015 Market Outlook. Traders who went long at the 1.0578–1.0516 support area may consider taking profits when price hit the 1.0932–1.0890 resistance area and watch for potential short setup to short this market as the momentum is still bearish at the moment and 1.0932–1.0890 is a key resistance area for traders to sell short.
Euro Yen – EUR/JPY is currently trading just below its 133.25 resistance level. Given that the overall trend is still bearish, traders may consider shorting this market at the 133.25 resistance level. Price rejected the 133.25 resistance level for a few times over the last few days which shows that the bears are still in this market. But if price breaks the 133.25 resistance level, traders may still look for shorting opportunity at the next resistance level at 133.90 but it’s recommended to wait for rejections or any other confirmation before shorting to avoid false signals.
Pound Kiwi – GBP/NZD breakout above its consolidation and is approaching its 2.3400 resistance level, the short term momentum is still bearish thus traders may look for shorting opportunities when price pullback to the 2.3400 resistance level. Ideally, we would prefer to see confirmation or rejections at the 2.3400 resistance level before shorting for a safer entry. As long as price remains below 2.3400 resistance level, we remain bearish.
Posted on 2015-11-04 06:30:19