Euro Loonie – EUR/CAD fell lower after price pullback into its 1.5120–1.5010 resistance area and rejected it as we expected in our 11th March 2016 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as price is likely going to continue to move lower in the coming days. Traders may also have the first profit target set at previous swing low at around 1.4400 price level to lock in profits.
Pound Kiwi – GBP/NZD rally up into its 2.1500 resistance level after price rejected its support level as we expected in our 24th February 2016 Market Outlook. The overall trend is still bearish at the moment and price is showing indecision at the 2.1500 resistance level which could be a potential short setup for traders to jump on this bearish trend. Traders may consider shorting this market to ride on the bearish trend and may have the first target set at the 2.0630 support level.
Aussie Dollar – The long term trend in AUD/USD is still bearish but the short term trend is clearly bullish at the moment which traders may hunt for long setups. If price pullback to the 0.7420–0.7380 support area, traders may then consider buying into this market. Ideally we would prefer to see price rejects the support area before buying into it for a safer entry.
Posted on 2016-03-14 06:30:49