Silver – Silver rejected its 17.77 resistance level which could potentially push price back into its 16.35–16.13 support area. Given that the momentum is still bullish at the moment, conservative traders may wait for price to pullback into support level before buying into this market while aggressive traders may consider shorting this market for a short term counter trend trade.
Euro Aussie – EUR/AUD breakout above its 1.5330 resistance level yesterday. We now have a nice little support area at 1.5200–1.5155 which may offer traders potential buying opportunity to ride on this bullish momentum. We have been in a range for quite some time which may result in strong breakout. Conservative traders may wait for price to pullback into the 1.5200–1.5155 support area before consider buying into this market while aggressive traders may buy this breakout as price might not pullback to its support area and continue to rally higher.
Euro Pound – EUR/GBP rally all the way back up into its 0.7925 resistance level. This is a key resistance level which price has tested it multiple times in the past therefore traders may consider shorting at this resistance level. Ideally we would prefer to see price rejects this resistance level before shorting for a safer entry. If price breakout above this key resistance level, price is then likely going to continue its rally into the next resistance level at 0.8105.
Posted on 2016-05-04 06:30:15