Gold – Gold continue to 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 even though we have a strong rejection bearish candle yesterday. Traders who have open long position may have their first target at 1260.00 to lock in profits.
Euro Yen – EUR/JPY breaks below its 126.28–125.00 key support area which opened up the door for potential huge decline. Given that the trend is still bearish, traders may consider shorting this market if price pullback into its 126.28–125.00 key resistance area (Previous key support area) to ride on the bearish trend.
Aussie Kiwi – AUD/NZD continue to consolidates above its 1.0879 support level and the consolidation is getting tighter. If price breaks the consolidation and 1.0578–1.0516 support area, we are then likely going to see price decline lower into its 1.0022 support level. Traders may consider shorting this market when price breakout below its 1.0578–1.0516 support area to ride on the bearish momentum.
Posted on 2016-02-25 09:46:16