28th July 2014 Market Outlook

Pound Dollar – GBP/USD fails to bounce higher from its 1.7059 support level and have successfully broke this support level. The long term trend is still bullish but the short term trend is bearish and traders may consider selling short if price approach its 1.7059 resistance level (previous support level). The next key support level is not seen until 1.6919.

GBPUSDrH4

 

Silver – Last week we have drastic moves in Silver market. Price dropped significantly lower on Last Thursday but snap back up on the next day. Price also clearly rejects the 20.30 support level showing buyers coming in. Traders may consider going long at this support level. However if price breaks lower this 20.30 support level, we may see price continue to head south until the next support level is hit at 19.77.

XAGUSDrDaily

 

Euro Aussie – EUR/AUD broke its tight consolidation last week, we are likely going to see price continue to falls further in the coming days. Traders may consider selling short if price retrace back up to its 1.4375 resistance level to join this bearish trend.

EURAUDrDaily