Euro Pound – EUR/GBP is showing some indecisions at the 0.7750 resistance level yesterday. Given that the short term trend is still bearish at the moment, traders may consider shorting this market to ride on the bearish trend. Traders may also wait for price to breaks below yesterday low before shorting for a confirmation entry to avoid false signal.
Gold – Gold fell all its way down into its 1202.00 support level after price rejected its 1259.30 resistance level as we expected in our 23rd May 2016 Market Outlook. Traders who shorted at the 1259.30 resistance level as we recommended may consider taking profits at the 1202.00 support level as price could potentially bounce at this support level. Traders may also consider buying into this market as price had pullback to its weekly support level and we had multiple support level below current price to support the price to rally higher.
Euro Dollar – EUR/USD fell lower after price rejected the 1.1220 resistance level. Traders who have open short positions may consider taking profits at the 1.1097 support level. If price breaks the 1.1097 support level, we are then likely going to see price continue to decline lower into its next support level at 1.1060.
Posted on 2016-06-03 06:30:06