Aussie Dollar – AUD/USD pullback into its 0.7097 resistance level yesterday and rejected it. Given that the overall trend is still bearish, traders may consider shorting this market to ride on the bearish trend. Ideally we would prefer to see price rejects the 0.7097 resistance level before shorting for a safer entry point.
Aussie Yen – AUD/JPY breaks through its 83.37 resistance level and rally into its 86.18 resistance level. Price could potentially pullback to its 83.37 support level (Previous resistance level) before rally higher thus traders may consider shorting this market at the 86.18 resistance level and have the first target set at 83.37 support level.
Pound Kiwi – GBP/NZD is consolidating and formed a triangle chart pattern. Since the overall trend is still bearish and price rejected the 2.2452 resistance level a few weeks ago, traders may consider shorting this market when price breaks below the triangle chart pattern to ride on the bearish trend.
Posted on 2016-01-29 06:30:07