Swedish Krona – USD/SEK continue to rally higher and breakout above its 8.5220 resistance level after price rejected its 8.2840 support level as we expected in our 12th April 2018 Market Outlook. Traders who went long as we recommended may consider taking profits or scale out the position at this 8.5220 resistance level to lock in profits while leaving the rest to run further with a trailing stop behind.
Euro Kiwi – EUR/NZD breakout above its 1.7100 resistance level yesterday which opened up the door for potential further rally. Since the overall trend is still bullish, traders may consider buying into this market to jump on the bullish trend. Traders may also wait for price to pullback into its 1.7100 support level (Previous resistance level) before buying into this market for a more favorable risk:reward trade.
Japanese Yen – USD/JPY shot up significantly higher after price breakout above its resistance area. Given that the momentum is bullish at the moment, traders may hunt for potential buy setups to jump on the bullish momentum. Price is likely going to continue its rally into its 111.10 resistance level in the near term.