Gold – Gold rally significantly higher into its 1191.60 after price rejected its 1111.70 support level as we expected in our 27th January 2016 Market Outlook. Traders who went long at the pullback of 1111.70 support level and 1082.00–1079.00 support area as we recommended in our 27th January 2016 Market Outlook and 13th January 2016 Market Outlook may consider taking partial profits at the 1191.60 resistance level while leaving the rest for potential further rally. If price breakout above the 1191.60 resistance level, we are then likely going to see price continue to move higher in the coming days.
Euro Kiwi – EUR/NZD breakout above its triangle chart pattern which could potentially lead price higher in the coming days. The short term momentum is slightly bullish at the moment thus traders may consider buying into this market especially on the lower time frame and having the first target at the 1.7265 resistance level.
Japanese Yen – USD/JPY fell significantly lower and break its 116.50–115.76 support area yesterday. The short term trend had turned bearish after the breakout thus traders may consider shorting this market at the 116.50–115.76 resistance area (Previous support area) to ride on the bearish trend.
Posted on 2016-02-09 06:30:52