Pound Dollar – GBP/USD printed higher lows and higher high on the chart which could potentially be a new trend coming in. Given that the short term trend is bullish at the moment, traders may consider buying into this market if price pullback into its 1.4434 support level. Price is likely going to continue to move higher can may hit its 1.4663 resistance level in the near term.
Aussie Dollar – AUD/USD continue to rally higher after price pullback into its 0.7420–0.7380 support area as we expected in our 14th March 2016 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position while traders who missed the buying opportunity may still hunt for potential buy setups when price pullback to the 0.7590 support level. There is no immediate resistance level above which offer traders huge profit margin to trade the long side.
Japanese Yen – USD/JPY once again retest its 110.95–110.00 support area which if broken, price is then likely going to have another free fall coming off from the breakout. Given that the recent momentum is bearish in this market. Traders may consider shorting this market at the breakout of 110.95–110.00 support area to ride on the bearish trend.
Posted on 2016-03-18 06:30:05