Pound Loonie – GBP/CAD continue to move lower after price rejected its 2.0359 resistance level. Traders who went short as we recommended may consider continue holding onto the short position while traders who missed the shorting opportunity may consider short this market when price pullback to its 2.0155 resistance level to ride on the bearish trend.
Euro Yen – EUR/JPY pullback to its 129.80 resistance level after price rejected its 126.28 support level. Traders may consider shorting this market if price rejects the 129.80 resistance level as the overall trend is still bearish at the moment.
Euro Dollar – EUR/USD is consolidating at the moment and formed a triangle chart pattern, if price breakout away from the triangle, traders may then consider shorting the market to ride the bearish trend. On the other hand, if price breakout above the triangle chart pattern, we could potentially see price rally higher in the coming days but the rally could potentially be limited to 1.1114 resistance level.
Posted on 2016-01-28 06:30:59