Pound Kiwi – GBP/NZD move lower as we expected in our 14th March 2016 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as the trend is still bearish at the moment and price is likely going to continue to decline lower in the coming days. Traders may have the first target set at the 2.0630 support level to lock in profits.
NZD/CAD – NZD/CAD once again pullback into its 0.9050 resistance level and rejected it. Given that the overall trend is still bearish, traders may consider shorting this market to ride on the bearish momentum and have the first target set at the 0.8775 support level. Price is likely going to continue to move lower and could potentially breaks its 0.8775 support level in next price swing.
Kiwi Dollar – NZD/USD breakout above its 0.6870 resistance level yesterday which opened up the door for potential further rallies. Traders may consider hunt for potential buy setup when price pullback to the 0.6870 support level (Previous resistance level) to ride on the bullish momentum. There’s no immediate resistance level above which offer traders massive profit margin to trade the long side.
Posted on 2016-03-31 06:50:24