Pound Dollar – We have a nice little resistance level in GBP/USD at 1.4360 where traders may consider shorting this market if price rejects the resistance level as the overall trend is still bearish. The next support level is not found until 1.4100 which offer traders massive profit margin to trade the short side.
Loonie Dollar – USD/CAD is making its way back into its 1.3437 key support level which could potentially cause price to bounce. Given that the overall trend is still bullish, traders may consider buying into this market at the 1.3437 key support level while a more aggressive type of trader may consider shorting this market for a short term counter trend trade and have their target set near the 1.3437 key support level.
Aussie Yen – AUD/JPY had a strong rejection at the 79.60 support level which could potentially push price higher in the coming days. Since the longer term trend is bearish at the moment, conservative traders may consider wait for price to pullback into its 86.18 resistance level before shorting while aggressive traders may consider buying into this market for a counter trend trade as price could potentially rally back into its 86.18 resistance level after the strong rejection at 79.60 support level.
Posted on 2016-02-18 06:30:58