Pound Yen – GBP/JPY fell significantly lower after price cut through its 175.76–174.84 key support area as we expected in our 4th January 2016 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 and 28th December 2015 Market Outlook may consider continue holding onto the short position as the overall trend is still bearish at the moment and there’s no support level until 169.50 which offer traders massive profit margin to trade the short side.
Kiwi Dollar – NZD/USD fell lower into its 0.6619–0.6590 support area after price breakout away from its bullish trend line as we expected in our 4th January 2016 Market Outlook. Traders who went short as we recommended may consider scale out the position at the 0.6619–0.6590 support area while leaving the rest for potential further breakout to the downside. If price breaks the 0.6619–0.6590 support area, we are then likely going to see price continue to move lower into its next support area at 0.6447–0.6401 support area.
Aussie Dollar – AUD/USD fell significantly lower earlier today and the 0.7032–0.7015 key support area had turned into resistance area which traders may hunt for potential short setups if price pullback to the 0.7032–0.7015 resistance area as the overall trend is still bearish at the moment.
Posted on 2016-01-07 13:17:37