Aussie Kiwi – AUD/NZD rejected its very key support area at 1.0540–1.0500 which could potentially push price back higher into its 1.1050 resistance level. The short term momentum is bearish but over the longer term, price is trading in a wide trading range and price had just rejected its very key support area. Traders may consider buying into this market to ride on the potential rally but traders will need to be more cautious towards placing stops and trailing stops as we are against the short term momentum.
Aussie Loonie – AUD/CAD once again pullback into its 0.9510 resistance level which traders may consider hunting for potential short setup as the overall trend is still bearish at the moment. If price breakout above the 0.9510 resistance level, traders may still look for potential shorting opportnuities near the 0.9625 resistance level to ride on the bearish trend.
Euro Pound – EUR/GBP pullback into its 0.7750 support level and retrace all the way back up earlier today which shows the bulls are clearly taking control in this market. Given that the momentum is bullish at the moment, traders may consider buying into this market as price is likely going to rally back into its 0.7925 resistance level. If price breakout above the 0.7925 resistance level, we are then likely going to see price continue to rally higher into its next resistance level at 0.8105.
Posted on 2016-06-07 06:30:01