Aussie Dollar – AUD/USD pullback into its 0.7023 resistance level earlier today and rejected it. Given that the overall trend is still bearish, traders may consider shorting this market to ride on the bearish trend. Traders may have their first target set at the last swing low at around 0.6830 price level.
Euro Yen – EUR/JPY rejected its 126.28 support level yesterday which could potentially push price back into its 129.80 resistance level. Since the trend is still bearish, conservative traders are recommended to short this market when price to pullback into its 129.80 resistance level to ride on the bearish trend while aggressive traders may consider taking a short term counter trend trade at this 126.28 support level and have their target near the 129.80 resistance level.
Pound Loonie – GBP/CAD fell through its 2.0359 support level which opened up the door for potential further losses in this market. Traders may hunt for shorting opportunity when price pullback into its 2.0359 resistance level (Previous support level). There is no significant support level below until 1.9894 and 2.0000 (Big Round Number) which offer traders massive profit margin to trade the short side.
Posted on 2016-01-22 06:30:45