16th September 2015 Market Outlook

Pound Dollar – GBP/USD fell lower after price rejected its 1.5466–1.5450 resistance area as we expected in our 11th September 2015 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as the support level is still far from current price. However due to the uncertainty of the market, traders need to be more conservative on trailing stop to protect the profits. As long as price stays below the 1.5466–1.5450 resistance area, we remain bearish bias and price is likely going to continue to move lower in the coming days.

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Aussie Loonie – We have a strong bearish reversal bar at the 0.9493 resistance level in AUD/CAD. Given that the long term trend is still bearish, traders may consider shorting this market when price breaks the Monday low (It serve as a confirmation to avoid false signals). The next support level is at 0.9170 which offer traders huge profit margin to trade the short side.

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Norwegian Krone – Besides all the regular currency pairs, the exotic pair – USD/NOK may offer traders some short term shorting opportunities as well. Price rejected the 8.2208 resistance level which could potentially push price lower in the coming days. If price fell off from this resistance level, we are then likely going to see price retest its 8.0777 support level in the near term. Due to the uncertainty of current market conditions, traders may consider taking partial profits when price is near to the latest swing low at 8.1200 to lock in some profits.

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