Euro Aussie – EUR/AUD is making its way back into the 1.4875 resistance level which traders may consdier shorting as the overall market is still bearish. Traders who went short at the breakout of 1.5330 support level and at the 1.6250–1.6074 resistance area as we recommended in our23rd February 2016 Market Outlook & 15th February 2016 Market Outlook may consider continue holding onto the shorting opportunity with a trailing stop behind as price is likely going to continue to move lower in the coming days and may retest its 1.4445–1.4351 support area in the near term.
Pound Aussie – GBP/AUD is in a healthy down trend at the moment which traders may consider shorting this market when price pullback into the 1.9288 resistance level. Ideally we would prefer to see price rejects the resistance levle before shorting for a safer entry. There is no immediate support level below which offer traders massive profit margin to trade the short side.
NZD/CAD – NZD/CAD rejected its 0.9050 resistance level yesterday which could potentially send price lower in the coming days. Given that the momentum is bearish at the moment, Traders may consider shorting this market and may have the first target at previous swing low around 0.8850.
Posted on 2016-03-08 06:30:49