Aussie Dollar – AUD/USD pullback to its 0.7032–0.7015 resistance area and rejected it as we expected in our 7th January 2016 Market Outlook. Given that the overall trend is still bearish at the moment, traders may consider shorting this market to ride on the overall bearish trend.
Loonie Dollar – USD/CAD continue to move higher and has the strongest bullish trend among all the other major currency pairs. If price pullback to the 1.3395 support level, traders may then consider buying into this market to jump on this bullish trend. The next resistance level is not found until 1.4305 which offer traders decent profit margin to trade the long side.
Euro Aussie – We have a support level at 1.5330 in EUR/AUD and price is making its way back to this support level. Although the market is still undecided with its long term trend, the short term momentum is clearly bullish at the moment thus traders may consider buying into this market if price pullback to its 1.5330 support level.
Posted on 2016-01-12 06:30:53