Pound Yen – GBP/JPY had a strong decline into its 175.76–174.84 support area after price breakout away from its 179.29 support level as we expected in our 28th December 2015 Market Outlook. Traders who went short at the breakout of 179.29 support level and at the breakout of 184.45–183.90 support area as we recommended in our 14th December 2015 Market Outlook may consider taking profits at the 175.76–174.84 support area as price could potentially bounce at this key support area. If price is able to fell through this 175.76–174.84 support area, we are then likely going to see some further decline in the coming weeks as there’s no significant support level below after the 175.76–174.84 key support area.
Pound Dollar – We have a resistance level at 1.4805 in GBP/USD which traders may consider looking for potential shorting setups as the overall trend is still bearish. Traders who went short at the 1.4906 resistance level as we recommended in our 24th December 2015 Market Outlook may consider scale in the position at the 1.4805 resistance level as well to maximize the profits of this bearish trend.
Kiwi Dollar – NZD/USD rejected the 0.6879 resistance level and decline lower. Price is currently sitting above the bullish trend line preparing for potential breakout or rejection. If price is able to breaks this bullish trend line, we are then likely going to see price move lower into its 0.6619–0.6590 support area in the near term.
Posted on 2016-01-04 07:14:19