Gold – Gold breaks below the 1226.80 support level yesterday which opened up the door for potential further losses in the coming days. The momentum had turned bearish after price broke its 1226.80 support level thus traders may consider shorting this market especially when price pullback to the 1226.80 resistance level (Previous support level).
Euro Pound – EUR/GBP continue to rally into its 0.7925 resistance level 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 the 0.7925 resistance level while leaving the rest position to rally further with a trailing stop behind. If price breakout above the 0.7925 resistance level, we are then likely going to see price rally higher into its next resistance level at 0.8030.
Aussie Dollar – AUD/USD starts to pullback into its 0.7420–0.7380 support area after price rejected its 0.7590 resistance level. Given that the momentum is still bullish at the moment, traders may consider buying into this market when price pullback into the 0.7420–0.7380 support area. Ideally we would prefer to see price rejects this support area before buying into this market for a safer entry.
Posted on 2016-03-24 06:30:02