Silver – Silver dropped around 2% after price breaks the 15.27 support level as we expected in our 3rd November 2015 Market Outlook. Traders who went short at the breakout of the 15.27 support level may consider continue holding onto the short position as price is likely going to continue to move lower. The next support level is not found until 14.75 which offer traders decent profit margin to trade the short side. If price pullback to the 15.27 resistance level (Previous support level), traders who is yet to short may look for shorting opportunities at the 15.27 resistance level to ride on the bearish trend.
Aussie Dollar – AUD/USD rejected its 0.7205 resistance level and fell lower as we expected in our 3rd November 2015 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind to lock in the profits. Price is likely going to continue to move lower into its next support level at 0.7070 in the near term.
Japanese Yen – USD/JPY has been testing its 121.65–121.45 resistance area and consolidates below the resistance area for quite some time. Since we have been trading within the range of 121.65–121.45 resistance area and 118.60 support level for quite some time, we are likely going to see a burst to the upside if price breakout above the 121.65–121.45 resistance area which traders may look to capture the upswing when price breakout the resistance area.
Posted on 2015-11-05 06:30:14