NZD/CAD – NZD/CAD pullback into its 0.9055 support level and rejected it earlier today which could potentially push price higher in the coming days. Given that the momentum is extremely bullish at the moment, traders may consider buying into this market to jump on the bullish trend. There’s no immeidate resistance level above until 0.9220 which offer traders huge profit margin to trade the long side.
Euro Pound – EUR/GBP is heading back into its 0.7750 support level which traders may watch for potential breakout trade and reversal trade. If price breaks below the 0.7750 support level, we are then likely going to see price continue to decline lower into its next support level at 0.7570. On the other hand, if price rejects the 0.7750 support level, we are then likely going to see price rally back up and traders may consider buying into the market.
Pound Kiwi – GBP/NZD gapped up after market open and is approaching its 2.0810–2.0700 resistance area. Given that the overall trend is still bearish, traders may watch for potential short setups at the 2.0810–2.0700 resistance area. Ideally we would prefer to see price rejects the 2.0810–2.0700 resistance area before shorting for a safer entry.
Posted on 2016-06-20 06:30:33