Pound Dollar – GBP/USD is making its way back into its 1.5470–1.5455 support area. The short term momentum is bullish after price breakout above the previous 1.5470–1.5455 resistance area thus if price pullback into the 1.5470–1.5455 support area, traders may then consider buying into this market. Ideally we would prefer to see some rejections at this support area or any other confirmation before going long for a safer entry. If price bounce off at this 1.5470–1.5455 support area, we are then likely going to see price rally higher in the coming days.
Aussie Kiwi – AUD/NZD is trading within a wide trading range. The 1.0932–1.0890 support area and the 1.1425–1.1397 resistance area serve as a floor and ceiling for this trading range. Price is approaching the 1.1425–1.1397 resistance area which traders may look for shorting opportunities to short this market. However traders need to be cautious that the overall trend is still bullish thus it may be riskier to goes short. For conservative traders, the 1.0932–1.0890 support area may offer some nice buying opportunities to trade with the trend.
Loonie Dollar – USD/CAD performed a strong rejection at the 1.3025 support level on last Friday which shows that the bulls are in this market. Given that the overall trend is still bullish, traders may consider buying into this market as price is likely going to continue to move higher in the coming days. Traders may consider having the first target at the recent swing high at 1.3025.