Kiwi Dollar – NZD/USD rally back up into its 0.6750 resistance level after price decline into its lower end of the trading range as we expected in our 29th February 2016 Market Outlook. Traders who went long as we recommended may consider taking profits at the 0.6750 resistance level. If price breakout above the 0.6750 resistance level, we are then likely going to see price rally higher into its next resistance level at 0.6879.
Loonie Dollar – USD/CAD is currently trading at the 1.3437 support level on the weekly chart. Given that the long term trend is still bullish at the moment, traders may consider buying into this market at the 1.3437 support level to ride on the bullish trend. Ideally we would prefer to see price rejects the support level before going long for a safer entry. Traders may also look for buying setup on the lower time frame to fine tune the entry point for a more favorable risk:reward.
Euro Pound – EUR/GBP is currently trading at its 0.7695–0.7660 support area which traders may consider buying into this market. The overall trend of this market is still bullish thus traders may consider buying into this market at this support area and have the first target set at 0.7925.
Posted on 2016-03-04 06:30:22