Aussie Dollar – AUD/USD is making its way back into the 0.7301 resistance level which traders may consider shorting as the trend is still bearish at the moment. Traders may look for sell setup on lower time frames to fine tune the entry for greater risk:reward. There’s no immediate support level below which offers traders massive profit margin to trade the short side.
Euro Dollar – EUR/USD breaks below its 1.1365 support level which had turned into resistance level where traders may hunt for potential short setups. The short term momentum had turned bearish after the breakout of the 1.1365 support level therefore traders may short this market if price pullback to the 1.1365 resistance level (Previous support level). Ideally we would prefer to see price rejects the resistance level before shorting for a safer entry.
Aussie Loonie – AUD/CAD rejected its 0.9437 resistance level earlier today which could potentially push price lower in the coming sessions. Given that the overall trend is still bearish, traders may consider shorting this market to ride on the bearish trend. If price breakout above the 0.9437 resistance level, traders may still look for potential short setups at the 0.9464–0.9455 resistance area to short this market.
Posted on 2016-05-16 06:30:38