Pound Kiwi – GBP/NZD is decline into its 2.0931 support level after price breaks its 2.1500 support level as we expected in our 19th February 2016 Market Outlook. Traders who went short as we recommended may consider taking partial profits at the 2.0931 support level as price could potentially bounce a little before continue to move lower. If price breaks the 2.0931 support level, we are then likely going to see further decline in the coming weeks as there is no immediate support level below after the 2.0931 support level.
Pound Dollar – GBP/USD continue to falls lower after price breaks its 1.4100 support level. Traders who went short at 1.4631 resistance level and 1.4360 resistance level as we recommended in our 5th February 2016 Market Outlook and 18th February 2016 Market Outlook may consider continue holding onto the short position while traders who missed the shorting opportunities may consider hunt for short setup when price pullback to the 1.4100 resistance level (Previous support level).
Euro Kiwi – EUR/NZD is currently trading at its 1.6540 support level. If price breaks the 1.6540 support level, we are then likely going to see price continue to move lower into its next support level at 1.5816. Traders may consider shorting this market when price breaks below the 1.6540 support level to ride on the bearish momentum.
Posted on 2016-02-24 08:51:15