Aussie Loonie – AUD/CAD rallied higher into its 0.9578 resistance level after price rejected the 0.9442 support level and broke its 0.9505 resistance level as we expected in our 19th November 2015 Market Outlook and 13th November 2015 Market Outlook. Traders who went long as we recommended may consider taking profits at the 0.9578 resistance level. If price is able to breakout above the 0.9578 resistance level, we are then likely going to see price continue to rally higher in the coming days.
Aussie Dollar – AUD/USD rallied into its 0.7223–0.7210 resistance area as we expected in our 19th November 2015 Market Outlook. Traders who went long may consider taking profits at the 0.7223–0.7210 resistance area as price could potentially reverse back down and resume its bearish trend. However if price is able to close above the 0.7223–0.7210 resistance area, we are then likely going to see further rally in this market in the coming days.
Gold – Gold performed a false breakout at the 1071.00 support level which could potentially cause price to retrace back into its 1105.00–1100.00 resistance area before continue to move lower. Given that the longer term trend is still bearish, conservative traders are recommended to stay at the sideline while waiting for price to pullback to the 1105.00–1100.00 resistance area before shorting while aggressive traders may consider taking a short term counter trend trade by buying into this market till price hit the 1105.00–1100.00 resistance area.
Posted on 2015-11-20 06:30:46