Loonie Dollar – USD/CAD rallied into its 1.3350–1.3325 resistance area after price rejected its 1.2830–1.2780 key support area as we expected in our 19th October 2015 Market Outlook. Traders who went long at the 1.2830–1.2780 key support area as we recommended may consider taking partial profits at the 1.3350–1.3325 resistance area while leaving the rest to continue to run further. If price is able to closed above the 1.3350–1.3325 resistance area, we are then likely going to see price continue to rally higher into its next resistance level at 1.3450.
Euro Dollar – EUR/USD continue to decline lower after price rejected the 1.0850–1.0820 resistance area as we expected in our 13th November 2015 Market Outlook. Traders who went short at the 1.1114–1.1090 resistance area as we recommended in our 27th October 2015 Market Outlook and those who shorted at the 1.0850–1.0820 resistance area may consider continue holding onto the short position with a trailing stop as price is likely going to continue its bearish trend in the coming days.
Pound Dollar – GBP/USD fell lower after price rejected its 1.5246 resistance level as we expected in our 12th November 2015 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop to secure the profits from giving back to the market. Price is likely going to continue to move lower into its next support level at 1.4983.
Posted on 2015-11-17 06:30:45