31st July 2014 Market Outlook

Aussie Dollar – AUD/USD drops significantly lower yesterday as we expected it would happen in the near term in our 30th July 2014 Market Outlook. Aussie Dollar is currently trading at its 0.9326 key support level and this level will dictate where the price is going to head in the coming days. If price breaks this key support level, we might see price continue to head south until the next key support level at 0.9216. However if price show rejections at this key support level, traders may then consider going long at this support level.

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Aussie Kiwi – We have a false break in AUD/NZD at the 1.1021 key resistance level after price attempt to break through this key resistance level. We are likely going to see price fall lower from here and traders may consider selling short at this key resistance level. The next key support level is not seen until 1.0824.

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Loonie Dollar – USD/CAD breaks through its 1.0868 resistance level yesterday. Traders may consider go long at the 1.0868 support level (Previous resistance level) to join this bullish trend. The long term trend is still very bullish at the moment and we might probably see price continue to climb higher in the coming days. The next key resistance level is at 1.0940 and traders that have open long position may consider holding it with a trailing stop until 1.0940 key resistance level is hit.

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