Silver – Silver shot up significantly higher into its 17.77 resistance level after price breakout above its 16.35–16.13 resistance area as we expected in our 18th April 2016 Market Outlook. Traders who went long as we recommended may consdier taking partial profits at the 17.77 resistance level. If price breakout above this 17.77 resistance level, we are then likely going to see price continue to rally higher into the next resistance level at 18.45.
Euro Loonie – EUR/CAD once again pullback into its 1.4385 resistance level which traders may consider looking for potential short setup to ride on this bearish trend. Given that the overall trend is still bearish, we are likely going to see price decline lower in the coming days and could potentially decline into its next support level at 1.4040 in the coming weeks.
NZD/CAD – Another Loonie cross pair that could potentially offer traders good shorting opportunity – NZD/CAD is currently trading at its 0.8775 resistance level which traders may consider shorting as the overall trend is still bearish at the moment. However we do have a strong rejection off the 0.8585 support level which could potentially push price higher before price decline lower. Traders may wait for a confirmation at the 0.8775 resistance level before shorting for a safer entry.
Posted on 2016-05-02 06:30:27