18th July 2014 Market Outlook

Loonie Dollar – We have a triangle forming in USD/CAD currently. Given that we have a strong bullish move on last Thursday, we expect to see price breaks above this triangle and move higher to its next resistance level at 1.0821. However if price breaks below this triangle, we may see price continue to move lower to its next support level at 1.0679.

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Euro Pound – EUR/GBP rejected its 0.7914 resistance level this morning. Overall trend is still very bearish and traders may consider selling short at this 0.7914 resistance level with a target at 0.7888. We are likely going to see price continue to move lower from this 0.7914 resistance level and potentially break the 0.7888 support level as well.

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Kiwi Dollar – NZD/USD rejected its 0.8648 support level this morning and we are likely going to see price move higher from this support level to 0.8723 resistance level. The short term trend is bearish and traders may consider selling short if price hits 0.8723 resistance level.

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