24th September 2015 Market Outlook

Euro Pound – EUR/GBP shot up significantly higher after price performed a false break at the 0.7223 support level as we expected in our 23rd September 2015 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position and may set the first target at the 0.7386 resistance level. Price is likely going to continue to trade within the range of 0.7223 support level and 0.7386 resistance level in the near term but if price breaks through the 0.7386 resistance level, we are then likely going to see price rally higher into its next resistance level at 0.7482 which may serve as the second target for the long position.

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Loonie Dollar – USD/CAD rallied higher into its previous swing high at 1.3325 as we expected in our 21st September 2015 Market Outlook after price performed a strong rejection at the 1.3025 support level. Traders who went long as we recommended may consider scale out the position at the 1.3350–1.3325 resistance area while leaving the rest for potential further rally. We may have some minor pullback before price breaks the 1.3350–1.3325 resistance area thus traders may look for buying opportunities to ride on this bullish trend.

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Pound Yen – GBP/JPY broke the 184.22 support level earlier this week which opened up the door for potential further losses in the coming days. Given that the trend is bearish at the moment, traders may consider shorting this market when price pullback to the 184.22 resistance level (Previous support level). Ideally we would prefer to see price rejects the 184.22 resistance level or any other confirmation before shorting for a safer entry. If price rejects the 184.22 resistance level, we are then likely going to see price move lower into its 180.90 support level in the coming days.

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