Aussie Loonie – AUD/CAD rejected its 0.9510 resistance level yesterday which could potentially push price lower in the coming days. Given that the overall trend is still bearish, traders may consider shorting this market to ride on the bearish trend. The next support level is not found until 0.9320 which offer traders huge profit margin to trade the short side.
Kiwi Dollar – NZD/USD rally all its way back into its 0.6845–0.6825 resistance area which traders may consider hunting for potential short setups at this resistance area. The market is ranging at the moment with slightly bearish sentiment therefore if price rejects the 0.6845–0.6825 resistance area, traders may then short this market and ride it down to its 0.6675 support level.
Pound Loonie – GBP/CAD printed a head and shoulders pattern on the 4 hour time frame which then followed by a decline after price breaks below its neckline. Traders may consider shorting this market if price pullback into its 1.8998 resistance level/neckline. The next support level is not found until 1.8740 which traders may have it serve as the first target for short position.
Posted on 2016-06-02 06:30:49