Euro Dollar – EUR/USD fell through its 1.0850–1.0820 support area yesterday which opened up the door for potential further losses in this market. The support area had turned into resistance area which traders may consider looking for potential shorting opportunity as the overall trend is still bearish at the moment. There’s no support level found until 1.0520 which offer traders huge profit margin to trade the short side.
Japanese Yen – Japanese Yen is gaining strength over the US Dollar in the last few trading days while most currency pairs are losing value against US Dollar. The long term trend for USD/JPY is bullish but over the short term price is moving sideways and quite choppy. However due to the strength we see in Japanese Yen, we could potentially see price decline lower in the coming days and could even breaks the 118.05 support level. If price breaks the 118.05 support level, we are then likely going to see price decline even further and traders may consider looking for potential shorting opportunity after the breakout.
Pound Kiwi – GBP/NZD seems to have a bounce at the 2.1500 price level. If price pullback to its 2.2452 resistance level, traders may consider shorting this market as the overall trend is still bearish at the moment. Ideally, we would prefer to see price rejects the 2.2452 resistance level before shorting for a safer entry.
Posted on 2016-01-06 06:30:58