Pound Aussie – GBP/AUD fell lower after price rejected its 1.9097–1.8982 resistance area as we expected in our 30th March 2016 Market Outlook. Traders who went short as we recommended may consider taking partial profits at the 1.8600 support level while leaving the rest position to run further with a trailing stop behind. Traders who missed the shorting opportunity may also consider hunting for short setup when price pullback to resistance level as the overall trend is still bearish and the next support level is not found until 1.8350.
Euro Pound – EUR/GBP is heading towards its 0.8030 resistance level after price breakout above its 0.7925 resistance level as we expeceted in our 24th March 2016 Market Outlook. Traders who went long at the breakout of 0.7925 resistance level and those who went long at the 0.7695 support level as we recommended in our 4th March 2016 Market Outlook may consider taking partial profits off the table when price hit the 0.8030 resistance level to lock in profits.
Loonie Yen – CAD/JPY performed a false breakout of the ascending triangle chart pattern which at the same time rejects the 87.07 resistance level could potentially send price significantly lower in the coming days. Traders may consider shorting this market if price breakout below the triangle chart pattern to ride on the bearish trend.
Posted on 2016-04-04 06:30:23