Aussie Loonie – AUD/CAD rallied higher after price rejected the 0.9442 support level as we expected in our 13th November 2015 Market Outlook. Traders who went long as we recommended may consider taking partial profits at the 0.9505 resistance level while leaving the rest to run further. If price is able to break the 0.9505 resistance level, we are then likely going to see price rally higher into its 0.9578 resistance level in the coming days.
Kiwi Dollar – NZD/USD rejected its 0.6447–0.6401 support area yesterday which could potentially lead price higher into its 0.6641–0.6619 resistance area before continue to decline lower. Since this is a counter trend trader, conservative traders are recommended to wait at the sideline while aggressive traders may consider buying into this market for a short term counter trend trade into the 0.6641–0.6619 resistance area.
Aussie Dollar – AUD/USD breakout away from its consolidation earlier today which could potentially lead price higher into its 0.7223–0.7210 resistance area in the near term which traders may look for potential buying opportunities to trade into the resistance area. However due to the overall trend is still bearish, traders need to be more cautious when placing stops and target as price could reverse and continue to trade with the overall bearish trend anytime.
Posted on 2015-11-19 06:30:21