Norwegian Krone – USD/NOK pullback into its 8.4600 resistance level and rejected it as we expected in our 22nd March 2016 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as there is no immediate support level below until 8.0430.
Euro Dollar – EUR/USD pullback into its 1.1215 support level and consolidates above it. If price breakout above the black square indicated on the chart, traders may then consider buying into this market as the momentum is bullish at the moment. On the other hand, if price breaks below it, we are then likely going to see price decline lower in the coming days.
Japanese Yen – USD/JPY breakout above its 112.20 resistance level and rally into its next resistance area at 112.65–112.45 which traders may hunt for shorting opportunity as the trend is bearish at the moment. Ideally we would prefer to see price rejects the resistance level before shorting for a safer entry.
Posted on 2016-03-23 06:30:33