Gold – Gold rally higher after price pullback into its 1190.00–1182.00 support area and rejected it as we expected in our 16th February 2016 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position while trailing the stop as price is likely going to continue to move higher in the coming days.
Pound Loonie – GBP/CAD is approaching its 1.9750 resistance level which could potentially push price lower. Given that the overall trend is still bearish, traders may consider shorting this market if price rejects the 1.9750 resistance level. If price breaks above the 1.9750 resistance level, traders may still look for potential shorting opportunity when price rally higher into its 1.9894 resistance level.
Pound Kiwi – GBP/NZD is currently consolidating at its 2.1500 support level. If price breaks below this support level, we are then likely going to see price decline into its next support level at 2.0931. Traders who went short at the 2.2452 resistance level as we expected in our 18th January 2016 Market Outlook may continue holding onto the short position with a trailing stop as price could potentially breaks the 2.1500 support level in the coming days.
Posted on 2016-02-19 06:30:18