Silver – Silver fell lower into its 13.98 support level after price rejected the 14.40 resistance level. Traders who went short as we recommended may consider taking partial profits off the table to lock in the profits while leaving the rest to run further to maximize the potential profits from this bearish trend. If price is able to cut through the 13.98 support level, we are then likely going to see further decline in this market as it is a key major support level at the moment.
Loonie Dollar – USD/CAD breakout from its 1.3350–1.3325 resistance area earlier today which could potentially push price higher into the 1.3450 resistance level. Traders who went long at the 1.2830–1.2780 key support area as we recommended in our 19th October 2015 Market Outlook may continue to trail their stops as price is likely going to retest its 1.3450 resistance level in the near term.
Pound Dollar – GBP/USD had a huge rejection at the 1.5246 resistance level which traders may consider shorting as price is likely going to decline lower after such a huge rejection especially when it took place at the resistance level. If price indeed move lower after this rejection, traders may have their first target set at the previous swing low at around 1.5020 price level.
Posted on 2015-11-23 06:30:13