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    2nd February 2016 Market Outlook

    Loonie Dollar – USD/CAD printed an inverted hammer candlestick pattern at the 1.3995 support level which could potentially lead price higher in the coming days. Traders may consider buying into this market when price breakout above previous candles high or wait for a close above the high before buying for a safer entry.

     

     

    USDCADrDaily

     

    Pound Yen – GBP/JPY rally into its 175.76–174.84 resistance area yesterday. 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 this 175.76–174.84 resistance area before shorting to avoid false signal.

    GBPJPYrDaily

     

    Kiwi Yen – NZD/JPY is making its way back into the 79.84–79.42 resistance area which could potentially push price back lower in the near term. The market is in bearish mode at the moment thus traders may consider shorting this market. However if price is able to breakout above the 79.84–79.42 resistance area, we are then likely going to see price rally into its 83.31 resistance level.

    NZDJPYrDaily

    Posted on 2016-02-02 06:30:54


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