23rd July 2014 Market Outlook

Euro Dollar – EUR/USD didn’t bounce higher from its 1.3512 support level before continue its bearish move. Price broke its 1.3512 key support level yesterday with strong sell-off suggesting more sellers are getting into this market. The trend is very bearish at the moment and traders may consider selling short on rallies or wait for a retracement back up to 1.3512 key resistance level (previous support level) before shorting. We are likely going to see price continue its bearish move in the coming days.

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Kiwi Dollar – NZD/USD fell lower to its 0.8648 support level after price rejected its 0.8723 resistance level as we expected in our 21st July 2014 Market Outlook. Price once again shows some buying pressure near its 0.8648 support level. We might see price bounce higher from here to its 0.8723 resistance once again. However given that the overall trend is still bearish, traders are recommended to stay short rather than going long.

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Euro Pound – EUR/GBP fell lower to its 0.7888 support level after rejecting its 0.7914 resistance level as we expected in our 18th July 2014 Market Outlook. If price breaks its 0.7888 support level, we might see price continue to move lower in the coming days. The long term trend is still very bearish, traders may consider selling short on rallies to catch on this bearish trend.

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