China Offshore Yuan – USD/CNH decline into its 6.4870 support level as we expected in our 2nd March 2016 Market Outlook. Traders who went short as we recommended may consider taking partial profits at the 6.4870 support level. Price rejected its 6.4870 support level earlier this week which could potentially send price back into the 6.5725–6.5575 resistance area. If price rejects the 6.5725–6.5575 resistance area, traders may then consider shorting this market again as the momentum is still bearish at the moment.
Euro Pound – EUR/GBP continue to rally higher after price rejected its 0.7695 support level as we expected in our 4th March 2016 Market Outlook. Traders who went long as we recommended may consider taking partial profits at current price level (0.7850) while leaving the rest position to rally further with a trailing stop behind as price is likely going to continue to move higher into its 0.7925 resistance level in the coming days.
Pound Yen – GBP/JPY rejected its 164.00 resistance level yesterday which could potentially push price lower in the coming days as the overall trend is still bearish at the moment. Traders may consider shorting this market as price is likely going to decline into its 155.00 support level which offer traders good profit margin to trade the short side.
Posted on 2016-03-16 06:30:25