17th September 2015 Market Outlook

Norwegian Krone – USD/NOK fell lower after price rejected the 8.2208 resistance level as we expected in our 16th September 2015 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position while trailing the stop behind as price is likely going to continue to move lower into its next support level at 8.0777. Traders may take partial profits at the latest swing low at 8.1200 as we recommended yesterday to lock in profits as well. If price breaks the 8.0777 support level, we will see more downside movements in the coming days.

USDNOKrH4

 

Silver – Silver is currently trading below the 14.94 resistance level. If price is able to breakout above this resistance level, we are then likely going to see price rally higher into the next resistance level at 15.62. Traders may consider buying into this market when price breakout above the 14.94 resistance level while if price rejects the 14.94 resistance level, price could get pushed lower in the coming days.

XAGUSDrH4

 

Pound Aussie – GBP/AUD once again pullback and rejects its 2.1519 support level yesterday which could bring another rally into this market. Given that the overall trend is still bullish, traders may consider buying into this market. However if price breaks the 2.1519 support level, traders may consider shorting this market for a quick short term counter trend trade as if price breaks the 2.1519 support level, it’s then likely going to continue to move lower into its next support level at 2.0889.

GBPAUDrDaily