Gold – Gold pullback into its 1111.70 support level and rally higher as we expected in our 27th January 2016 Market Outlook. Traders who went long as we recommended may consider may consider holding onto the long position as price is likely going to continue to move higher in the coming days.
Japanese Yen – USD/JPY rallied significantly higher on last Friday after the news of BoJ adopting negative interest rate policy is released. Given that the long term trend is bullish on the monthly chart, traders may consider looking for potential buying opportunity in this market. The next resistance level is not found until 123.53 which allows traders decent profit margin to trade the long side.
Aussie Dollar – AUD/USD rejected its 0.7097 resistance level on last Friday. Given that the trend is bearish at the moment, we could potentially see price decline lower in the coming days but price would need to first breaks the minor support level below last Friday low. Traders may take the breakout of the minor support level as a confirmation before shorting for a safer entry.
Posted on 2016-02-01 06:30:22