Pound Aussie – GBP/AUD rallied higher after price rejected its 2.1519 support level as we expected in our 17th September 2015 Market Outlook. Traders who went long at the 2.1519 support level as we recommended may consider holding onto the long position and may scale out the position once price hit the last swing high at around 2.2100. If price breaks through the 2.2100 swing high, we are then likely going to see price rally higher into its 2.2400 resistance level.
Aussie Yen – Last week AUD/JPY rejected its 87.33 resistance level which could potentially lead price lower in the coming days. Given that the overall trend is still bearish, traders may consider shorting this market to ride on this bearish trend. The next support level is not found until 82.00 which offer traders massive profit margin to trade the short side.
Aussie Loonie – AUD/CAD had been consolidating within the 0.9493–0.9410 resistance area in the past few trading days. Traders may consider shorting this market as the overall trend is still bearish. Ideally, we would like to see price breaks below the 0.9410 price level before shorting as that would serve as a confirmation to avoid any false signals. On the other hand, if price breaks above the recent swing high, we are then likely going to see price continue to move higher into its next resistance level at 0.9748.