Pound Kiwi – GBP/NZD fell lower after price rejected its 2.2452 resistance level as we expected in our 18th January 2016 Market Outlook. Traders who went short as we recommended may consider taking partial profits at the 2.1500 support level to lock in profits while leaving the rest to run further. The trend is still bearish at the moment thus we could potentially see price continue to move lower in the coming days when price breaks the 2.1500 support level.
Pound Yen – GBP/JPY continue to fell lower and break its 164.08 support level. Given that the overall trend is still bearish, traders may consider shorting this market when price pullback to the 164.08 resistance level (Previous support level) to ride on the bearish trend. Traders who went short as we recommended in our 3rd February 2016 Market Outlook may consider continue holding onto the short position while trailing the stop to avoid giving the profits back to the market in case price reverse back up.
Gold – Gold breakout above the 1232.00–1223.95 resistance area which could potentially lead price even higher in the coming days. If price stays above this resistance area, traders may then look for buying opportunity to ride on this bullish trend. The next resistance level is not found until 1306.00 which offer traders massive profit margin to trade the long side.
Posted on 2016-02-12 06:30:56