Silver – Silver breakout above its 14.64–14.55 resistance area yesterday which could potentially push price higher in the coming days. The overall long term trend is still bearish but the short term momentum is bullish at the moment thus traders may consider buying into this market especially when price pullback to the 14.64–14.55 support area (Previous resistance area). There is no immediate resistance level until 16.46–16.34 which offer traders massive profit margin to trade the long side.
Pound Dollar – GBP/USD shows indecision at the 1.4631 resistance level yesterday which could be a sign of potential decline in the coming days as the overall trend is still bearish. Due to NFP announcement today, conservative traders may stay at the sideline until the news release is over while aggressive traders may consider shorting the market when price breaks below yesterday low.
Euro Kiwi – EUR/NZD consolidation is getting tighter and we might see a breakout soon. If price breaks the 1.6540 support level, we could potentially see price head lower into its next support level at 1.5816 as the overall trend is still bearish. Traders may consider selling short when price breaks below the 1.6540 support level to ride on the bearish trend.
Posted on 2016-02-05 07:30:42