Aussie Yen – AUD/JPY performed a false breakout of its ascending triangle chart pattern and fell lower after the fakeout. Given that the momentum is bearish at the moment, traders may consider shorting this market as price is likely going to continue to move lower in the coming days into its 82.00 support level.
Pound Kiwi – GBP/NZD pullback into its 2.0980 resistance level after rejecting the 2.0630 support level. Given that the overall market is still bearish, traders may consdier shorting this market at the 2.0980 resistance level. Ideally we would prefer to see price rejects the 2.0980 resistance level before shorting for a safer entry.
Loonie Dollar – USD/CAD rejected its 1.2835 key support level last week which could potentially push price back higher in the coming days. Aggressive traders may consider buying into this market for a counter trend trade while conservative traders may consider waiting at the sideline until price pullback to a decent resistance level to ride on the bearish trend.
Posted on 2016-04-05 06:30:23