Kiwi Dollar – NZD/USD continue to move lower into its 0.6447–0.6401 support area after price breaks its 0.6619–0.6590 support area as we expected in our 7th January 2016 Market Outlook. Traders who went short as we recommended may consider taking profits at the 0.6619–0.6590 support area as price had rejected the support area on last Friday which could potentially cause price to rally higher before continue to move lower.
Japanese Yen – USD/JPY pullback to its 117.31 resistance level and rejected it which could potentially offer traders short term trading opportunity. Given that the momentum is bearish at the moment, traders may consider shorting this market to ride on the bearish trend.
Pound Kiwi – GBP/NZD pullback to its 2.2452 resistance level as we expected in our 6th January 2016 Market Outlook. Price rejected the resistance level on last Friday which shows that the bears are still in the market shorting. Traders may consider shorting this market to ride on the bearish trend as price is likely going to continue to move lower in the coming days.
Posted on 2016-01-18 06:30:47