Kiwi Yen – NZD/JPY fell significantly lower into its 75.06–74.41 support area after price rejected its 79.84–79.42 resistance area as we expected in our 2nd February 2016 Market Outlook. Traders who went short as we recommended may consider taking profits at the 75.06–74.41 support area as price rejected the support area last week which could potentially push price back up before continue to move lower.
Euro Aussie – EUR/AUD rejected the 1.6250–1.6074 resistance area last week which could potentially cause price to pullback into its 1.5330 support level. Traders may consider shorting this resistance area to ride on the potential decline.
Japanese Yen – We are seeing some rejections of lower price in USD/JPY which could lead price higher into its 116.50–115.76 resistance area. If price pullback into the 116.50–115.76 resistance area, traders may then consider shorting this market to ride on the bearish momentum. Ideally we would prefer to see price rejects the 116.50–115.76 resistance area before shorting for a safer entry.
Posted on 2016-02-15 06:30:39