Aussie Dollar – AUD/USD fell lower into its 0.7070 support level after price rejected the 0.7205 resistance level as we expected in our 5th 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 as the 0.7070 support level is now broken and price is likely going to continue to move lower in the coming days. Traders who missed the shorting opportunity at the 0.7205 resistance level may consider shorting this market when price pullback to its 0.7070 resistance level (Previous support level) to jump on this bearish trend.
Japanese Yen – USD/JPY rally significantly higher after price breaks the 121.65–121.45 resistance area as we expected in our 5th November 2015 Market Outlook. Traders who went long at the breakout of the 121.65–121.45 resistance area may consider continue holding onto the long position as this fresh breakout could potentially lead price even higher in the coming days. The rally we had on last Friday had breaks through the 123.01 resistance level as well which opened up the door for potential further rally in the coming days. The next resistance level is not found until 125.07 which may serve as a target for long positions.
Pound Yen – GBP/JPY starts to rally higher after price pullback and rejects its 184.45–183.90 support area as we expected in our 6th November 2015 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position while trailing the stops as price is likely going to retest its 187.64 resistance level in the near term.
Posted on 2015-11-09 06:30:34