NZD/CAD – NZD/CAD fell significantly lower after price rejected its 0.9050 resistance level as we expected in our 8th March 2016 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind as price is likely going to continue to move lower in the coming days and could potentially retest its 0.8585 support level in the near term.
Gold – Gold rejected its 1248.50–1240.00 support area yesterday which could potentially push price higher in the coming days. Given that the short term trend is bullish at the moment, traders may consider buying into this market to ride on the bullish trend. The next key resistance level is not found until 1308.00 which offer traders massive profit margin to trade the long side in this market.
Aussie Kiwi – AUD/NZD shot up higher as we expected in our 9th March 2016 Market Outlook. Although the market did not pullback into its support level before it moves higher, traders may still catch this bullish rally at the breakout of resistance level. Price is likely going to continue to rally higher into its 1.1425–1.1375 resistance area thus traders may consider looking for potential buy setup in this market to ride on the rally and have the first target set near the 1.1425–1.1375 resistance area.
Posted on 2016-03-10 06:30:09