Gold – Gold breakout above the 1191.60 resistance level and close above it yesterday and rally higher today as we expected in our 9th February 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 continue holding onto the long position while traders who missed the buying opportunity may still look for potential setup when price pullback to the 1191.60 support level (Previous resistance level).
Aussie Loonie – AUD/CAD rejected its 0.9737 support level and breakout its bearish trend line yesterday which could potentially lead price higher in the coming days. Traders may consider buying into this market to ride on the potential rally in this market.
Japanese Yen – USD/JPY continue to fell lower after price break its 116.50–115.76 support area. The long term bullish trend for USD/JPY might end here as we could see a clear breakout to the downside on the weekly chart after a long sideway market. Traders may consider position themselves in a long term short position to ride on the potential new bearish trend.
Posted on 2016-02-11 06:30:16