Gold – Gold rally higher into its 1263.50 resistance level 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 taking partial profits at the 1263.50 resistance level while leaving the rest to run further. Traders who went long at the pullback of 1111.70 support level and 1082.00–1079.00 support area as we recommended in our 27th January 2016 Market Outlook and 13th January 2016 Market Outlook may also consider taking partial profits at the 1263.50 resistance level. If price close above the 1263.50 resistance level, we are then likely going to see price rally into its next resistance level at 1308.00.
Kiwi Dollar – NZD/USD breakout above its 0.6750 resistance level on last Friday after price decline into its lower end of the trading range as we expected in our 29th February 2016 Market Outlook. If price pullback into its 0.6750 support level (Previous resistance level), traders may consider buying into this market as price is likely going to continue to rally higher into its next resistance level at 0.6883.
Euro Yen – EUR/JPY once again pullback into its 126.28–125.00 resistance area. Traders may consider shorting this market if price rejects the resistance area as the overall trend is still bearish at the moment. Traders may have their first target set at previous swing low at around 122.10 to lock in partial profits.
Posted on 2016-03-07 06:30:48