20th March 2018 Market Outlook

NZD/CAD – NZD/CAD pullback into its 0.9435 support level and rejected it yesterday which could potentially cause price rally higher in the coming days. Traders who went long at the rejection of 0.9330 support level as we recommended in our 12th March 2018 Market Outlook may consider scale in the position at this 0.9435 support level while traders who missed the buying opportunity earlier may also consider buying into this market to jump on this bullish trend.

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Aussie Dollar – AUD/USD is currently trading at its 0.7690 support level. The short term trend has been bearish over the last few weeks therefore traders may consider shorting this market if price breakout below its 0.7690 support level. The next key support level is not found until 0.7500 which offer traders huge profit margin to trade the short side of the market.

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Kiwi Dollar – NZD/USD continue to trade within the range of 0.7435 resistance level and 0.7190 support level. Price has been bearish over the last few days as price fails to rally back into its 0.7435 resistance level. If price breakout below its 0.7190 support level, we are then likely going to see further decline coming into this market in the coming weeks. Traders may also consider shorting this market if price breakout below its 0.7190 support level to jump on the potential bearish run.

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