30th September 2015 Market Outlook

Pound Dollar – GBP/USD is approaching its 1.5115 support level which could cause some bumps in the market. Aggressive traders may consider taking a short term buy trade here as we might see some bounce before price decline lower. Buying at the 1.5115 support level would be countering the recent bearish momentum thus conservative traders are recommended to wait for price to pullback to its 1.5337 resistance level before shorting to ride on the bearish momentum. A break below the 1.5115 support level could potentially cause price to decline even lower as the next support level is quite far which is located at 1.4983.

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Loonie Dollar – USD/CAD had breakout above its 1.3350–1.3325 resistance area which could lead price higher in the coming days. Given that the overall trend is still bullish, traders may consider buying into this market when price pullback to the 1.3350–1.3325 support area (Previous resistance area) to ride on the bullish trend. There’s no immediate resistance level above which offer traders massive profit margin to trade the long side.

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Euro Pound – We have a decent support area in EUR/GBP at 0.7356–0.7339 which could offer traders buying opportunities. However given that the market is ranging, traders are recommended to wait for price to rejects the 0.7356–0.7339 support area or any other confirmation before going long for a safer entry.

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