22nd July 2014 Market Outlook

Euro Yen – EUR/JPY breaks above its triangle yesterday that formed just above a key support. Price is likely to move higher in the near term. Overall trend is still bearish and this would be a counter trend trade. For more conservative traders, 137.74 resistance level will offer a lower risk shorting opportunity as the long term trend is still bearish.

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Loonie Yen – CAD/JPY is trading just above its 94.03 key support level. Price seems to have some rejections at this key support level. Traders may consider going long at this key support level with a stop below its recent low. If price successfully rejected this 94.03 key support level and move higher form here, we may see price revisit its recent high at 96.00.

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Aussie Kiwi – AUD/NZD is currently trading just below its 1.0824 key resistance level. This is the key resistance level that will decide which way AUD/NZD is going to head in the coming days. If price rejected this 1.0824 key resistance level, we may see price move lower from here. However, if price breaks through this 1.0824 key resistance level decisively, we may see price to move higher from this resistance level.

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