Gold – Gold rally into our ultimate target at 1308.00 resistance level after price rejected its 1202.00 support level as we expected in our 9th June 2016 Market Outlook. Traders who went long at the 1202.00 support level as we recommended in our 3rd June 2016 Market Outlook may consider scale out the position at the 1308.00 resistance level to lock in profits. If price is able to breakout above the 1308.00 resistance level, we are then likely going to see further rally in the coming weeks.
Japanese Yen – USD/JPY decline into its 104.10 support level as we expected in our 16th June 2016 Market Outlook. Traders who went short at the 106.38 resistance level as we recommended in our 14th June 2016 Market Outlook may consider taking profits at the 104.10 support level to lock in profits. If price is able to breakdown below its 104.10 support level, we are then likely going to see price decline lower into its next support level at 102.70.
Pound Loonie – GBP/CAD bounce off its 1.8110 support level and is heading back up to its 1.8500 resistance level. Given that the overall trend is still bearish, traders may consider shorting this market to ride on the bearish trend. Ideally we would prefer to see price rejects the 1.8500 resistance level before shorting for a safer entry.
Posted on 2016-06-17 06:30:36